Embedding Cybersecurity & Fraud Awareness into Finance Function

As we move into the final stretch of 2025, the role of the finance function is evolving faster than ever. Digital transformation, hybrid working, and cloud-based accounting have brought huge efficiencies — but they’ve also opened new doors for cyber threats and fraud.

With cybercrime estimated to cost UK businesses over £30 billion annually, and accounting systems among the most frequently targeted, embedding cybersecurity and fraud awareness into your finance processes is no longer optional, it’s essential.

Why Now?

The timing couldn’t be more critical. Later this month, the Accounting for the Future 2025 conference will spotlight cybersecurity as one of the profession’s top priorities. Meanwhile, regulators continue to tighten expectations on internal controls, data protection, and fraud risk management.

For finance teams preparing year-end accounts or audits, now is the perfect time to pause and assess:
Are your financial systems as secure as your numbers are accurate?

Common Vulnerabilities in Finance Systems

Even well-run businesses can overlook key weaknesses. The most common issues we see include:

• Phishing and social engineering – Fraudsters impersonating suppliers or senior staff to trick employees into transferring funds.
  
• Weak access controls – Shared logins or passwords that aren’t updated when staff leave.
  
• Unverified payment changes – A lack of checks when suppliers update bank details.
  
• Inadequate segregation of duties – One person having control over both approving and processing payments.
  
• Outdated software – Old versions of accounting or payroll software without the latest security patches.
  

Practical Steps to Strengthen Your Finance Function

Here are five practical ways to start embedding cyber resilience and fraud awareness into everyday finance processes:

1. Review internal controls regularly
   Map out who has access to what, and ensure segregation of duties is maintained. Simple changes like requiring dual approval for payments over a certain threshold can make a big difference.
   
2. Train your team
   Even the best systems can be undone by human error. Invest in short, regular training sessions on phishing awareness, suspicious invoice spotting, and safe data handling.
   
3. Implement two-factor authentication (2FA)
   Require 2FA for all accounting and banking platforms. This small step blocks most unauthorised login attempts.
   
4. Verify before you pay
   Always confirm any change to bank details through a second, independent channel (e.g. a direct phone call to the supplier contact you know).
   
5. Create a fraud response plan
   If something does go wrong, everyone should know what to do. Establish a simple, clear reporting and escalation process.
   

The Role of Accountants in Cybersecurity

As accountants, we sit at the crossroads of financial data, systems, and strategic advice. We’re uniquely placed to:

• Spot unusual patterns in transactions that might indicate fraud.
  
• Help clients assess financial risks tied to weak digital processes.
  
• Advise on internal control frameworks that support both accuracy and security.
  

Embedding cybersecurity into the finance function isn’t just about compliance, it’s about protecting trust, reputation, and long-term sustainability.

Finance teams have always been guardians of accuracy, now they must also be guardians of integrity. By embedding cybersecurity and fraud awareness into the finance function today, you’ll protect not just your numbers, but your business’s future.