As businesses across industries undergo significant digital transformation, remote deal desk operations and bookkeeping have become the norm. It is now quite common for companies of all sizes to manage their accounts while in different locations.
Advanced cloud-based tools and collaboration platforms make it possible for stakeholders to ensure the books are up to date and accurate.
This new way of work brings flexibility and cost savings.
However, there is a tradeoff.
Distributed remote deal desks and bookkeeping workflows require multiple software solutions to run efficiently. Consequently, there are a larger number of access points that cyber attackers can exploit.
Accounting teams work with sensitive documents and procedures. Any kind of breach could lead to catastrophic consequences. There could be hefty legal fines, irreparable reputational damage, and loss of stakeholder trust.Such damage may be impossible to repair, or it could require significant resources to address.

In this article, let’s look at five cybersecurity measures every remote deal desk and bookkeeping team should adopt to protect sensitive financial data and uphold client trust.

1. Implement Multi-Factor Authentication (MFA)

Multi-factor authentication (MFA) requires users to verify their identity through a minimum of two methods. One component consists of something they know, such as a password or a PIN. The second component is something they have, such as a fingerprint or a device.

Implementing this cybersecurity measure is crucial for ensuring that authorized personnel are creating, editing, or managing documents and communications. Moreover, MFA is effective against phishing (impersonation), credential stuffing, and brute-force attacks.

For instance, let’s say a team protects the tools in their tech stack via passwords. If any of the passwords get compromised somehow, unauthorized agents can access the sensitive data and initiate fraudulent activities.

However, with MFA, hackers would need to provide the second component (something they have) before they are granted access.

The first step in implementing MFA in a company is determining what kind of authentication would be best for it. 

There are plenty of options — Google Authenticator, biometrics, and hardware keys. Remote deal desk and bookkeeping teams could choose any of the three to secure their organizational databases further.

After selecting the authentication method, decide which tools should be protected with it. The fundamentals for most remote deal desks and bookkeeping teams are cloud drives, accounting tools, and communication platforms.

Furthermore, organizations can switch to alternatives to current in-use tools, such as deal desk software, CRM solutions, and client collaboration platforms that come with built-in MFA capabilities. 

This approach can streamline MFA implementation throughout the bookkeeping department without adding extra tools to the tech stack.

Note that this adds an extra step in the team’s processes. Businesses and enterprises should ensure that each accountant in the bookkeeping process is adequately trained to use the new cybersecurity technology appropriately.

2. Utilize Virtual Private Network (VPNs)

A Virtual Private Network (VPN) makes a company’s internet traffic and IP addresses inaccessible to hackers. It does that by creating a secure tunnel between users’ devices and the business’ digital systems.

Remote deal desk and bookkeeping teams can safely transfer files and information over public or home networks with VPNs. Additionally, this defensive technology is an effective privacy method, as data would be inaccessible until the accountants are connected to the VPN.

Cyber attacks like man-in-the-middle breaches, data interception, and location-based threats can be easily avoided with the right VPN solution. They prevent criminals from detecting any activity in the network.

Start by selecting a reliable, enterprise-grade VPN provider that is compliant with the local regulations. It is crucial to test it out to ensure its robustness and performance. The VPN should protect the bookkeepers from digital threats without slowing down the accounting operations.

Before company-wide adoption, they can be used to test a control network. A handful of devices to check if they meet the organizational standards.

Furthermore, teams can consider Software-Defined Wide Area Networks (SD-WANs) to monitor their traffic within the VPNs. SD-WAN solutions can help enterprises spot anomalies and enforce consistent security policies across users.

Moreover, in the event of a breach, SD-WANs allow IT teams to prioritize business-critical applications over the VPN while isolating threats.

The final aspect of incorporating VPNs into the business security arsenal is being transparent with the bookkeeping team. Professionals should be aware of the transition and the reason behind it. This can be essential for minimizing change resistance.

3. Follow Data Encryption Practices

Data encryption uses a key to convert readable information into unreadable code. This prevents hackers or unauthorized personnel from viewing or accessing the data. Only verified team bookkeepers with the correct decryption key can access the original information.

Consequently, businesses can protect their sensitive files and data during transit. Even in the event of theft, the information will remain secure as the data will be coded. 

It is pivotal to encrypt any and all files. Documents such as financial records, scanned receipts, billing statement templates, invoices, payroll entries, tax files, and communication logs.

Basically, anything that can be used to cause harm to the organization or the stakeholders’ interests should be encrypted during transit and storage. This practice is also essential for upholding compliance regulations.

Deal desk and bookkeeping teams can start with full-disk encryption on all official devices, including smartphones. Choose a tool that is available for all operating systems to establish uniformity in cybersecurity best practices.

Then enforce the same on cloud drives and servers.

Other data encryption techniques include encoding email traffic with SSL/TLS protocols, using password-protected PDFs, and locking ZIP files while sharing them with external accounting teams.

It is important to develop a comprehensive encryption policy. This will clearly explain what needs to be encrypted and how to the bookkeeping teams. Additionally, companies could iterate on it as their needs evolve, improving agility.

4. Conduct Ongoing Cybersecurity Training

The remote or hybrid workplace uses multiple tools that change over time. Some of them gain features while others get integrated into larger software suites. As a result, accounting tech stacks continue to change shape over time.

This keeps the security systems dynamic as well. 

Therefore, businesses must ensure each team of deal desk and bookkeeping professionals is adequately trained to use the new systems and protect the organization. On top of that, ongoing employee education will help accountants identify and prevent cyber threats more effectively.

Various kinds of online attacks, such as phishing, social engineering, and credential theft — attacks that exploit human trust — can be avoided with knowledge. 

Accounting teams can easily recognize suspicious emails, fraudulent links, and manipulative tactics, minimizing the chances of a data breach.

While developing a comprehensive cybersecurity training program for the deal desk and bookkeeping team, it is crucial to create remote-friendly modules. 

Moreover, it should cover all the basics, such as password hygiene, phishing awareness, secure file handling, and incident reporting.

Businesses can also host regular live sessions to refresh recent learnings. These sessions can also help accounting teams to come up with better and leaner security solutions for the organization.

Another effective way to secure bookkeeping processes is by conducting timely security drills that simulate a data breach. This can improve readiness during actual escalations and limit damage.

5. Enforce Strong Access Controls

Access controls define who can see what. It could be data (documents), systems, or tools in the bookkeeping workflow. When working remotely, maintaining strong access controls is essential for compliance and operational efficiency.

This prevents unauthorized access, insider threats, and privilege escalation attacks, as criminals can only perform only a limited set of actions even if they hack into one bookkeeping account.

Additionally, organizations prevent any risk of accidental data exposure to external stakeholders, upholding data policies.

To enforce strong and reliable access controls, accounting teams should start by outlining the roles and responsibilities of each member. Then, each professional — bookkeeper, manager, or auditor — would get access to only the tools they need to complete the relevant tasks.

In other words, apply the principle of least privilege — give the minimum access needed.

Furthermore, incorporating audit trails and strong access controls can be beneficial. This will record accounting activities, increasing transparency and accountability across the bookkeeping team.

Companies should also automatically revoke access when employees leave or change roles, and conduct regular permission audits to ensure the controls are up-to-date.

Of course, educate the accounting team thoroughly about the importance of not sharing credentials and maintaining confidentiality. It is effective for reducing exposure while enhancing compliance with financial data regulations.

Wrapping Up

Digital transformation enables deal desks and bookkeeping teams to manage the company's finances and collaborate remotely with stakeholders. While this increases flexibility and productivity, it does introduce vulnerabilities.

Distributed workforces are often more exposed to threats like phishing, unauthorized access, and data breaches. This occurs due to multiple tools, devices, networks, and systems in the workflow.

Modern accounting teams must implement stringent measures to protect themselves against such cyberattacks. There are five effective initiatives that remote bookkeeping teams can adopt now to do that:

1. Implement MFA to verify the identities of each professional in the process
2. Use VPNs to mask the online activities of the organization
3. Follow best practices to encrypt data, such as using encoding tools and protecting documents with passwords
4. Train the team to educate them about the latest threats and their prevention methods
5. Enforce strong access controls that give the least privilege required to each team member

Ensure that the aforementioned changes are communicated in advance with the bookkeepers and other relevant stakeholders. Transparency is crucial to minimize change resistance and accelerate adoption.