Firms and professional schools are preparing accountants to deal with rising cybersecurity risks and continued regulation that can rattle clients’ businesses and balance sheets.
Accountants and their clients have millions of reasons to worry about data—for example, Europe’s General Data Protection Regulation has fines of up to 20 million euros or 4 percent of a company’s global revenues for mishandling personal data.
The number of mega breaches—those in which more than 1 million records are involved—have nearly doubled. The average cost of a U.S. data breach is $7.91 million, according to the latest IBM Security and Ponemon Institute study. That makes security an integral part of how a company must plan and operate.