Forensic Financial Services
The potential effects of ransomware on your business
Ransomware is an extremely dangerous form of malware that can block access to your computer's data until a ransom is paid to cybercriminals. Ransomware has been spreading worldwide since 2012, and since 2017, businesses have had to pay an average of $11.7 billion as a result of these attacks. Ransomware can infiltrate your computer by the opening of an unsecured file, and so cybersecurity measures need to be put in place, particularly in smaller businesses as they are particularly vulnerable.
How can ransomware impact businesses?
Loss of important data
For many businesses, client data is their most important asset, and when a file system is infected with ransomware this crucial data can be lost, leading to catastrophic and sometimes irreversible problems. The release of sensitive information can also put your business in jeopardy as it can be extremely damaging to your reputation.
Blocked access to data can put the running of your business on hold, resulting in significant financial losses. Many businesses have lost tens of thousands of dollars due to ransomware interrupting their productivity, and it can take an extremely long time to fix the issue and get back on track. For this reason, it can be tempting for businesses to pay the ransom, but IT specialists advise against this because it can make your business vulnerable to attack in the future.
What to do
In the event of a ransomware attack, one of the most effective things you can do for damage control is to hire a forensic accountant. A forensic accountant can document the timeline of events, calculate any losses and potential losses and can ensure that you are completely covered when making an insurance claim, reducing financial damage to help you protect your business.
If you suspect that your business has been affected with ransomware or need advice in protecting your business, contact KA Forensic and we'd be glad to help. We can be contacted by email at email@example.com or feel free to call us at 877-665-5994 today.
The importance of forensic accounting for small business owners
Forensic accountants are invaluable resources for helping small business owners investigate fraud and analyze financial data for litigation purposes. Our financial experts at KA Forensic have worked on over 700 cases in 30 years, and we've been around long enough to know the importance of hiring a forensic accountant to keep your company safe from theft and inventory loss.
What is a forensic accountant?
A forensic accountant is a financial professional skilled in analyzing financial data for investigating fraud and preparing financial records for use in legal proceedings. Financial fraud is a growing problem that costs U.S businesses $50 billion dollars a year.
Forensic accountants can be used for investigating many different crimes related to financial fraud, such as sales fraud, inventory fraud, marketing fraud and securities fraud. They are commonly used for help in investigating financial fraud committed by employees, clients or customers. Litigation support services are also provided to legal professionals as evidence to support or refute claims as needed.
Why small businesses need forensic accountants
Forensic accountants are needed for educating small business owners on ways to prevent and detect financial fraud. They also play a key role in helping small business owners manage their finances and calculate damage caused by inventory loss. Most courts highly depend on the experience and expertise of reputable forensic accountants in litigation cases regarding financial disputes.
The services that forensic accountants provide for small business owners can be summed up as offering financial advice, providing preliminary financial documents and preparing detailed financial reports of their findings to legal professionals for use in court cases. Forensic accountants use advanced modern tools and techniques for gathering evidence including data mining, check and fingerprint identifying tools, and laboratory analysis of physical and electronic financial evidence.
Forensic accountants are highly valuable, and the analytical and investigative skills they offer cannot be replaced. Contact us at KA Forensic for an expert consultation from our highly reputable team of CPA professionals. We are an internationally recognized team of financial experts, and it is our mission to offer a high standard of professionalism and expertise for your forensic accounting needs.