SFP #79: How to protect digital assets from hackers

Small Firm Philosophy

Many small accounting firms may not have heard much about digital assets beyond bitcoin and the FTX bankruptcy, but accountants have two big reasons to learn more about the topic.

First, the acceptance of digital assets as payment has steadily grown among accounting firms and especially their clients. Second, cyberattacks are increasingly targeting digital assets. The combination of these trends means that even small firms should learn about digital assets, gain an understanding of the cybersecurity threats, and be prepared to discuss safeguards with clients.

In this episode of the Small Firm Philosophy podcast, produced by the AICPA’s Private Companies Practice Section (PCPS) in partnership with the Journal of Accountancy podcast, JofA host Neil Amato discusses digital assets and cybersecurity with Steve Ursillo, CPA/CITP, CGMA, a partner in the Risk & Accounting Advisory Group at Cherry Bekaert and the firm's national leader of information assurance and cybersecurity. Ursillo explains the threat landscape and offers advice on the safeguards that organizations should have in place.

Things you will learn in this podcast

• Why digital assets are enticing to hackers.
• The reputational effect of suffering a cyberattack.
• Common attack vectors related to digital assets.
• Ursillo's specific advice on the importance of protecting mobile phones.
• An explanation of cold and hot wallets.
• The importance of applying certain information security frameworks.

A transcript of the conversation is available on journalofaccountancy.com.

Related resources

• PCPS Cybersecurity Checklist
• Q&A: Two cyberattacks CPA firms should fear
• AICPA’s Auditing Blockchain & Digital Assets webpage