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AcctTwo Blog

Predictions for the Accounting Profession in 2018

The accounting profession is in the midst of a sweeping transformation. The expectations, capabilities, priorities, and practices of finance & accounting are all in flux. These changes are being fueled by advances in technology, new competitive demands, and a growing acknowledgment that the industry is overdue for innovation and evolution.

The mood in the industry is excited but also a little uncertain. Accountants are understandably anxious about what their role will be moving forward. That is hard to know, but the best way to prepare is to track where the industry is headed and occupy a position ahead of the curve.

Topics: Accounting cyber-attack Operational Reporting CPA

Cloud Financials: What Was Once Considered Unsafe Might Be the Only Hope Against Cyber Attacks

The size and scope of cyber attacks reached ever more alarming levels in the past year. Reports indicate that instances of ransomware attacks increased by 300% in 2016, with up to 4,000 attacks occurring on a daily basis. And in just Q3 of 2016, over 18 million new samples of malware were discovered.

This is shocking information for any enterprise, but particularly for those dealing with large volumes of financial data. Securing this data is not just a priority - it is now an existential concern for companies of all sizes in every industry.

Topics: ERP Security cyber-attack

WannaCry: Yet Another Example of Why SaaS Is the Best Answer to Security Questions

We've written before about ransomware attacks back in February of 2016 and again in April of that year. In those cases, the attacks were relatively small and isolated to individual hospitals or healthcare networks. The recent "WannaCry" attack that began on Friday, May 12, however was massive and was reported to have infected more than 230,000 computers in over 150 countries. The attack was aimed at Windows operating systems, particularly older versions. For the uninitiated, ransomware is a malicious software virus that blocks access to the infected computer or network's data or threatens to publish or delete it until a ransom is paid, often in the untraceable cryptocurrency, Bitcoin.

Topics: Cloud Computing / SaaS cyber-attack cloud adoption ranswomware

Hacker Attack on US Hospital Chain Highlights Lack of Cloud Adoption

MedStar, one of the largest hospital chains in the US, crippled by cyber attack

Washington, D.C Area - March 30th, 2016 - While MedStar, the company that runs 10 hospitals in the Washington, D.C. area, has not officially confirmed it was a "ransomware" attack, employees have come forward describing messages on their computers asking for roughly $19,000 in Bitcoins, and giving the company just ten days to pay up. This situation is strikingly similar to a story from just over a month ago, when Hollywood Presbyterian Medical Center paid about $17,000 in Bitcoins to regain access to some of its systems.

Topics: Healthcare Industry cyber-attack cloud adoption ranswomware