The Vulnerability of the Financial and Accounting System to Cyberattack

Abstract

Many accounting firms are increasingly exposed to cyberattacks due to evolving digital environments and inadequate cybersecurity preparedness. The rapid shift towards remote work has further intensified these risks, contributing to a significant rise in cyber incidents. Financial and accounting institutions are particularly attractive targets due to the sensitive nature of the data they manage, their reliance on technology, and insufficient cybersecurity measures. This conceptual paper synthesises existing literature to examine the key drivers of vulnerability and the potential consequences of cyberattacks. The findings highlight the urgent need for robust cybersecurity strategies to safeguard financial information and ensure organizational resilience.