CFO Consulting Services, Leading Long Island CPA Provider, Stresses Need for Small Business Protection Against Cyber Attacks

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In response to an article published by Fox Business, Lawrence Teicher, founder of CFO Consulting Services and leading Long Island CPA, details the risks business owners take when leaving their companies unprotected from cyber attacks.

Lawrence Teicher, founder of CFO Consulting Services and leading Long Island CPA, comments on an article published by Fox Business on September 17th, which details how small businesses lose thousands of dollars annually due to cyber attacks.

According to the Fox Business article titled “Cyber Attacks Cost Small Businesses $9,000 Annually,” a new survey conducted by the National Small Business Association found that 84 percent of small businesses use laptops and 74 percent use smartphones for making transactions. These numbers are up about 20 points since 2010.

But with a more significant reliance on technology, many small businesses are running into challenges including cyber attacks. The article reveals that about 44 percent of small businesses admitted to being a victim of a cyber attack. Even a single cyber attack can cost businesses a lot of money. The article says a single cyber attack can cost a business $9,000 or more.

Lawrence Teicher, founder of CFO Consulting Services, a part time CFO services company, says it’s extremely important for small businesses to protect their websites, business checking accounts and other assets managed electronically. “The number of small business cyber attacks are rising, and $9,000 is no small sum,” he explains. “Most small businesses can’t afford to lose those funds.”

Teicher also advises small business owners to protect their business checking accounts. “Banks may not be responsible for hacked bank accounts and stolen funds,” he says. "Many business owners aren't aware that the banks do not cover assets lost due to a hack or an unauthorized ACH debit that goes undetected for any period of time."

"Instead, most banks expect businesses to prevent these kinds of situations on their own. Banks do offer customers some protections, such as an ACH debit block, but customers need to be aware of and sign up for such services. They are not automatic. Businesses need to be proactive in protecting their accounts and their CFO should be in contact with their bankers to make sure they are using the full compliment of protections available including positive pay and reverse positive pay procedures,” says Teicher.

CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.

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Lawrence Teicher

Scott Darrohn
CFO consulting services
since: 08/2013
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