Risk Advisory
Cyber Insurance in 2025: What CFOs and Risk Managers Need to Know to Avoid Costly Gaps
As cyber threats evolve in both sophistication and scale, cyber insurance has moved from a niche policy consideration to a cornerstone of business continuity and enterprise risk management. For many organizations, coverage is now a condition of financing, contract renewal, or fiduciary oversight. Yet many policies still fall short, especially when the scope of coverage […]
Understanding the Risks of DeepSeek R1
AI tools have become increasingly integral to both our work and daily lives, assisting with everything from content creation to complex problem-solving. As these tools become more powerful, AAFCPAs’ IT Security team advises that clients take a cautious approach. One such tool making waves is the DeepSeek R1 model, developed by Chinese tech company DeepSeek. […]
Mitigate AP Risks by Strengthening Internal Controls
In this article: Accounts Payable (AP) fraud continues to evolve with phishing schemes, fraudulent billing, and payment tampering among the most common attempts used to misappropriate company funds. The 2024 Report to the Nations on Occupational Fraud published by the Association of Certified Fraud Examiners (ACFE) reveals median losses of $155,000 from check and payment […]
Strengthening Cybersecurity: Key Actions to Mitigate Evolving Threats
Boost Your Cybersecurity with These Essential Tips In today’s interconnected world, cybersecurity threats are escalating at an alarming pace. From sophisticated ransomware campaigns to targeted phishing schemes, these attacks underscore the evolving strategies of cybercriminals and the vulnerabilities in current security infrastructures. Several factors contribute to the recent increase in cyber threats. The widespread adoption […]
Safeguarding Against Holiday Season Phishing and Cyber Threats
AAFCPAs would like to remind clients that the period between Thanksgiving and New Year’s is a prime time for phishing and other malicious cyberattacks. Cybercriminals take advantage of increased internet shopping, debit/credit card use, and the influx of holiday offers to deceive individuals into disclosing sensitive information. Now more than ever, vigilance is required in […]
October is Cybersecurity Awareness Month. Are You Prepared?
Cybersecurity Awareness Month is observed in October in the United States to raise awareness about the importance of protecting digital systems and data from cyber threats. As of the third quarter of 2024, there were over 2,000 reported data breaches affecting an estimated 1.3 billion individuals globally with major breaches affecting companies like UnitedHealth, Snowflake, […]
Fidelity E-Delivery Initiative Spurs a Surge of Phishing Scams
Last week, AAF Wealth Management informed clients about an upcoming outreach effort by Fidelity Investments and cautioned them of an increase in phishing scams as a result. During the week of September 16, Fidelity begins an email campaign to encourage clients to switch from paper copies to electronic delivery of all documents. This affects investors […]
Company Wind Down Best Practices
Nobody enjoys contemplating a business’s failure, but it’s a possibility even for the biggest and most complex companies. When dissolution is imminent or inevitable, there are ways to plan proactively to help minimize financial loss, meet legal obligations, optimize asset valuation, and protect a company’s reputation and relationships. Because the process is so complex, having […]
Seminar Recap: 2024 Employee Benefit Plan Risk Update
During AAFCPAs’ recent Nonprofit Seminar (April 2024), Shawn P. Huxley, CPA, MSA and Davide Villani, CPA, CGMA updated approximately 400 attendees on employee benefit plan risk. The full session was recorded and may be viewed as a webcast at your convenience.>> Secure Act 2.0 Overview Secure Act 2.0 is designed to increase access to retirement […]