Businesses Are Increasingly Susceptible to Cyber-Attacks

"Cybersecurity extends beyond just technology and computers — it also encompasses people, information, systems, processes, and organisational culture." — John Berriman, PwC

Accountants must now consider cybersecurity as part of their day-to-day work. Cybersecurity breaches occur with alarming frequency globally, and financial organisations face a disproportionate level of risk.

The Growing Threat Landscape

PwC's research shows that midsize companies experienced a 64% increase in reported attacks year over year. The financial impact is severe, with single breaches costing US businesses over $500,000 on average. For major incidents affecting large organisations, costs begin at approximately £1.46 million, excluding reputational damage.

Smaller enterprises face significant vulnerability too, with UK breach costs ranging from £65,000 to £115,000 per incident.

Why Financial Sector Targets Matter

Financial institutions face heightened risk, being nearly 30% more likely to experience attacks than other sectors. These organisations handle high-value data and sensitive financial information on a daily basis. Recent notable incidents include coordinated attacks affecting dozens of financial institutions across multiple countries, resulting in hundreds of millions in direct theft.

Common Attack Methods

Phishing and Email-Based Threats

Employees clicking suspicious email links trigger many hacking incidents. Malicious attachments in Word, Excel, and PDF documents can embed harmful code for later exploitation. Training staff to identify phishing attempts is one of the most cost-effective defences available.

The Human Factor

Employee awareness gaps remain the leading cause of security breaches. Key statistics:

• 90% of employee passwords are compromisable within six hours
• 18% of workers share passwords with colleagues
• Forwarding work emails to personal accounts exposes sensitive data, as personal email services lack corporate-grade security protections

The Accountant's Role in Cybersecurity

Accounting professionals occupy unique positions for advising clients on protective measures. Their expertise should extend beyond technology to include people, processes, information systems, and organisational culture. Accountants who understand cybersecurity can help clients assess the financial exposure from potential breaches, review IT security policies, ensure data protection is embedded in business continuity planning, and report cyber incidents to the appropriate authorities promptly.

Conclusion

As cyberattacks become more sophisticated and frequent, businesses of all sizes in the UAE must treat cybersecurity as a core business risk — not just an IT concern. HMA helps clients identify financial risk exposures, maintain strong internal controls, and implement governance frameworks that protect against both financial and cyber threats. Contact us today to discuss how we can support your business.