Accounting and payroll outsourcing in focus of information security

Accounting and payroll outsourcing in the focus of information security

Why should an accounting and payroll service provider closely work with a professional information security service provider?

Accounting and payroll service providers, such as us, are facing growing cybersecurity threats that can cause serious financial and reputational damage. Phishing, ransomware, insider threats, and non-compliance with privacy regulations all pose significant risks. Working closely with professional information security providers is essential to ensure continued protection and compliance.

Why should an accounting and payroll service provider closely work with a professional information security service provider? Post 01

05-05-2025

Hungary

Outsourcing

Accounting outsourcing, Payroll outsourcing, information security, cybersecurity threats, protection against threats , regulatory compliance , risk management, data breach prevention , Information Security Management Systems

Accounting and payroll service providers should closely collaborate with professional cybersecurity service providers for several critical reasons, even if they maintain serious internal capability for cutting-edge cybersecurity. Most importantly:

Enhanced protection against evolving threats

Cybersecurity firms possess specialized expertise in defending against the latest threats, which continue to evolve at an unprecedented pace. Since the onset of COVID-19, cyberattacks targeting accounting firms have surged by a staggering 300% [1]. In this landscape, professional cybersecurity providers play a vital role in implementing robust measures to protect sensitive data and critical systems.

 

One of the most effective approaches is the implementation of an Information Security Management System (ISMS), based on internationally recognized standards such as ISO 27001. An ISMS enables organizations to systematically manage and control all information security-related risks. The adoption of such a framework helps build a structured and consistent approach to safeguarding information, addressing vulnerabilities, and responding to incidents.

The cornerstone of an ISMS is the PDCA (Plan-Do-Check-Act) cycle, which fosters continuous improvement and adaptation:

  • Plan: Identify risks, establish security policies, and define objectives.
  • Do: Implement the security measures, procedures, and controls according to the plan.
  • Check: Monitor and evaluate the effectiveness of the implemented measures through audits and performance reviews.
  • Act: Address any identified gaps or areas for improvement and update the system accordingly.

Following a recognized standard like ISO 27001 ensures not only a comprehensive risk management strategy but also demonstrates a commitment to best practices in information security. This adherence helps build client trust, facilitates compliance with legal requirements, and strengthens the organization’s resilience against both internal and external threats. Moreover, maintaining certification through periodic audits proves the ongoing commitment to maintaining a secure environment, which is crucial in the accounting and payroll sector.

 

Regulatory compliance and risk management

Accounting and payroll service providers handle large volumes of sensitive personal and financial data. Compliance with regulations such as GDPR and the new NIS2 directive is crucial. Partnering with a cybersecurity provider ensures that data protection policies are continuously updated and aligned with evolving legal requirements, reducing the risk of fines and legal issues. Cybersecurity experts ensure compliance with stringent data protection laws and industry regulations. This is crucial as non-compliance can lead to:

  • Potential lawsuits with legal penalties
  • Loss of client trust

Cybersecurity firms can also help in defining actions and implementing measures to achieve standards level compliance, like Process Solutions’ ISO27001 certificate. Collaboration also eases compliance with National and EU level directives and regulations such as GDPR or NIS2.

Data breach prevention and response

The average cost of a data breach has reached $4.24 million, the highest in 17 years [2]. Cybersecurity firms can:

  • Implement or be consulted about strong authentication measures (e.g., Multi-Factor Authentication, which we use extensively)
  • Provide incident response planning and support
  • Assist in disaster recovery and business continuity

 

Process Solutions collaborates with FORTIX Consulting, one of Hungary’s most prominent cybersecurity providers. While our IT team is ultimately responsible for most of our cybersecurity, we are working closely with expert consultants in several mission-critical areas, such as:

 

1.  Risk mitigation and management

One of the primary areas of collaboration is risk mitigation. As seen in recent management reviews, mitigating risks related to IT systems and processes remains an ongoing challenge. FORTIX Consulting supports us in enhancing our risk management strategies, ensuring that we proactively address potential vulnerabilities. This includes upgrading third-party contracts and templates to reflect the latest security standards and maintaining robust documentation for IT systems.

2. Maintenance of an Information Security Management Systems (ISMS):

To continuously improve our information security posture, we follow the ISO 27001:2022 standard, implementing a formal ISMS across our organization. FORTIX Consulting helps us embed this system effectively by leveraging the PDCA (Plan-Do-Check-Act) cycle.

3.  Compliance and Audit Support

Our collaboration also focuses on maintaining compliance with regulatory requirements and supporting internal and external audits. In 2025, planned audits include assessing the completeness of ISO 27001:2022, auditing data leakage prevention processes, and vulnerability management. By working with FORTIX Consulting, we ensure that our ISMS undergoes rigorous assessment, including pentests and mandatory full ISMS audits. Additionally, we respond efficiently to customer audit requests.

4. Awareness and Training

Enhancing information security awareness within the organization is vital. In December 2024, we achieved high completion rates in both ISMS and GDPR awareness training, with great test results. Designing and delivering these training programs ensures that our staff remains vigilant against phishing, data leakage, and other common threats.

 

By partnering with professional cybersecurity service providers, accounting and payroll firms can focus on their core competencies while ensuring that their clients’ sensitive personal and financial data remains protected against increasingly sophisticated cyber threats. This collaboration is not just beneficial but has become a necessity in today’s digital landscape where the consequences of a security breach can be devastating to both the firm and its clients.

 

Citations:

[1] https://www.firmofthefuture.com/technology-and-security/improve-cybersecurity-in-firm/

[2] https://heimdalsecurity.com/blog/the-role-of-cybersecurity-in-accounting/