3E Accounting Limited Founder Lawrence Chai Is Invited Speaker At Accounting And Finance Show Hong Kong
3E Accounting Limited Founder Lawrence Chai spoke at the first-ever Virtual Accounting and Finance Show Hong Kong, held live online on 22 July 2020.
Along with more than 60 speakers from various industry sectors, Lawrence shared on the topic, “Cyber-security Essentials for your Practice”. He explained the possible consequences of poor cyber security and how to apply good cyber security practices to protect businesses and reduce productivity loss by cyber-incidents.
Cyber Hygiene and Post COVID-19 Business Environment
In the post-COVID-19 business environment, remote working has become a norm for many companies. With individual employees requiring global connectivity and direct access to, and usage of cloud services, cyber practices in terms of the use of personal devices, home Wi-Fi and cyber hygiene like saving passwords in browsers could potentially pose threats to the company network.
Common Types of Cyber Security Threats:
- Phishing– Emails that appear to be from a trusted source with the goal of gaining sensitive data
- Ransomware– Attacker threatens to publish victim’s data or block access to it unless a ransom is paid
- Distributed Denial-of-Service (DDoS)– Overwhelms a system’s resources so that it cannot respond to service requests
- Man-in-the-Middle (MitM)– Hacker inserts himself between the communications of a client and a server
Good Cyber Security Practices
Lawrence highlighted the importance of inculcating good cyber hygiene, a set of practices to manage the most common and pervasive data security risks that organisations face, to mitigate the common root causes for many cybersecurity issues such as data breaches and malware infections.
With sufficient training and preparation, employees will be able to recognize and prevent threats from external sources. Lawrence concluded by sharing good cyber practices such as the use of a Virtual Private Network (VPN) and cloud-based tools to protect and reduce business vulnerability to cybersecurity threats.