In an increasingly digital world, the finance and accountancy sector stands at the forefront of both innovation and risk. With sensitive financial data at stake, from client bank details to confidential business information, institutions across Yorkshire and beyond are under constant threat from cyber criminals. As attacks become more sophisticated, the region’s professional and business services firms must remain vigilant and proactive in their approach to cyber security.

Professional and business services firms are a prime target for cyber attacks. Large sums of money and confidential information flow through these organisations daily, making them attractive to criminals. A single breach can result in financial loss, regulatory penalties, reputational damage, or even business collapse. Not only major firms in Leeds and Sheffield are at risk, smaller practices across rural Yorkshire are increasingly vulnerable, often lacking the resources to recover quickly.

While the threat landscape is constantly evolving, several attack vectors are particularly prevalent within the finance and accountancy sectors. Firstly, I would urge businesses to be alert to phishing and social engineering: fraudulent emails or calls trick staff into revealing credentials or transferring funds. Another type of threat is from ransomware: malicious software that encrypts systems and demands payment for decryption, targeting both major financial institutions and smaller accountancy practices. Companies should also be aware of insider threats: whether intentional or accidental, employees themselves can be a source of breaches, through mishandling data or falling prey to scams. Fourthly, data theft and unauthorised access: hackers exploit outdated software and weak or reused passwords to access sensitive records.

Many finance and accountancy firms operate under stringent regulations such as the Financial Conduct Authority (FCA) guidelines. Breaches can result in hefty fines and loss of professional accreditation. But the regulatory burden, whilst sometimes challenging, also presents an opportunity: it drives firms to adopt best-in-class security practices that enhance client trust and protect business continuity. Larger firms in the region are recruiting Information Governance and AI experts, but where can smaller firms and businesses turn for help? The National Cyber Security Centre provides a free online Cyber Action Toolkit. Their website also outlines details about Cyber Essentials, the Government-backed self-certification scheme that helps keep data safe from cyber-attacks. The ICAEW website has cyber security resources and articles on their website to support both practice and business members. 

No business is too small to be targeted. Yorkshire’s finance and accountancy firms should consider the following steps to bolster their cyber security: Conduct regular risk assessments and update security protocols; Automated backups in place (at least daily); Ensure all software is up to date and supported; Implement strong password policies and multi-factor authentication; Engage in regular staff training and awareness campaigns; Work with trusted IT partners for ongoing support and monitoring.

Technical solutions such as firewalls, anti-virus software, and encryption are essential, but they are only part of the puzzle. True cyber resilience comes from fostering a security-conscious culture throughout the organisation. Regular staff training is crucial, ensuring everyone from junior clerks to senior partners recognises potential threats and knows how to respond. Simulated phishing exercises and clear reporting lines can significantly reduce the risk posed by human error.

Adopting a “trust and verify” approach is essential. While it’s important to trust employees, partners, and technology providers, robust verification processes must underpin every aspect of digital operations. Regularly audit access rights, monitor for unusual activity, and validate the effectiveness of security controls. Embedding “trust and verify” into daily practice strengthens defences against both external and insider threats.

Cyber security is not a one-off task but a continuous process of vigilance, education, and improvement. By prioritising digital defences, Yorkshire’s finance and accountancy professionals can protect their clients, reputations, and the future of their businesses, ensuring the region remains a leader in trustworthy, innovative financial services.