How to Pick the Right Managed IT Security Services Provider for 2025

With the October 15th tax extension deadline now behind us, accounting firms have just a couple of months to get their security and compliance in order before tax season begins. Cybersecurity is a critical priority for these firms, as they handle vast amounts of sensitive financial data and face increasingly sophisticated threats like phishing, ransomware, and data breaches. Without robust cybersecurity measures, firms risk severe financial loss, reputational damage, and potential legal liabilities.

Partnering with a Managed Security Services Provider (MSSP) can help accounting firms strengthen their defenses. MSSPs offer the expertise and resources needed to protect digital assets and ensure compliance with industry regulations. This guide explores key considerations for selecting an MSSP, helping firms secure client data and prepare for the future with confidence.

The Importance of Managing Cybersecurity

Cybersecurity is vital for accounting firms, which handle sensitive data like financial records and Social Security numbers, making them prime targets for cybercriminals. Phishing scams and ransomware attacks can lead to severe financial and reputational damage, with potential losses from fines, legal fees, and client trust erosion.

Working with an MSSP offers key benefits:

• Cost-Efficiency – MSSPs offer cost-effective security solutions. Establishing an in-house security team can be a costly endeavor, whereas outsourcing to an MSSP, or possibly Co-Managed IT Services, present a more budget-friendly alternative.
• Expertise – MSSPs are security specialists, equipped with the latest knowledge and tools to effectively combat threats. They are well-versed in industry best practices and continually update their skills.
• Proactive Monitoring – MSSPs provide 24/7 monitoring, ensuring swift detection and response to threats. This reduces the likelihood of substantial security incidents.
• Scalability – As your organization expands, your security requirements will evolve. MSSPs offer scalable solutions that can adapt to your changing needs.
• Risk Mitigation – they aid in the identification of vulnerabilities and ensure compliance with industry standards, subsequently diminishing the risk of data breaches.

With an MSSP, accounting firms can bolster their cybersecurity defenses and focus on their core business with confidence.

Accounting Compliance & Regulatory Requirements

Accounting firms must adhere to strict cybersecurity regulations to protect sensitive client data and avoid penalties. The FTC’s Safeguards Rule mandates an information security program that includes regular risk assessments and diligent monitoring of third-party service providers. These measures are designed to ensure that firms have robust controls in place to safeguard client information and not miss simple mistakes.

The IRS also imposes specific data security requirements through Publications 4557 and Section 7216. Firms are required to secure taxpayer data, conduct regular employee training, and develop a comprehensive Written Information Security Plan (WISP). This WISP must be a “living, breathing” document, continually updated to address evolving threats. Additionally, the IRS requires firms to appoint a Designated Security Coordinator (DSC) who oversees the implementation of the security program and coordinates responses to incidents. The DSC is responsible for ensuring that all necessary steps are taken to protect client data and to quickly mitigate risks during a security event.

Navigating International Data Privacy Regulations

For firms dealing with international clients, compliance may also involve broader regulations like GDPR and CCPA, which set stringent data protection and privacy standards. These regulations emphasize accountability, requiring firms to disclose how they handle personal data and ensure individuals’ rights to data privacy. Non-compliance with these regulations can result in significant fines and reputational damage, making it essential for firms to remain vigilant.

An MSSP with expertise in managing compliance can play a vital role in helping firms navigate these complex requirements. By providing guidance on regulatory standards and implementing robust security measures, an MSSP can help accounting firms avoid costly fines and safeguard their reputation, allowing them to focus on their core operations with confidence.

The Role of MSSPs in Meeting Cybersecurity Needs

For accounting firms, particularly small and mid-sized ones, building an in-house cybersecurity infrastructure can be challenging—especially as they prepare for the demands of tax season. MSSPs offer an efficient alternative by delivering specialized expertise, advanced technologies, and continuous monitoring, all tailored to the unique needs of accounting firms.

With 24/7 monitoring and threat detection, MSSPs provide round-the-clock vigilance, ensuring quick responses to any cyber threats. They bring up-to-date knowledge on the latest security measures and regulatory requirements, implementing advanced safeguards like multi-factor authentication and encryption. MSSPs also offer scalable solutions that can evolve as a firm grows, making it easier to manage cybersecurity needs as tax season approaches.

By partnering with an MSSP, accounting firms can focus on their core business and client services while entrusting their cybersecurity and compliance efforts to experts. This not only enhances protection against cyber threats but also ensures firms meet regulatory standards, keeping them prepared and secure throughout the busy tax season.

Key Factors to Consider When Choosing an MSSP

Choosing the right MSSP is crucial for an accounting firm’s cybersecurity. Here are key factors to consider:

• Industry Experience: Select an MSSP with experience in accounting or similar fields to ensure they understand the unique cybersecurity and compliance challenges specific to financial data.
• Compliance Support: Verify that the MSSP can help meet regulatory requirements, such as the FTC Safeguards Rule, GDPR, and IRS guidelines, to avoid fines and protect the firm’s reputation.
• Technology and Tools: Look for advanced tools like threat detection and encryption, and ensure they integrate smoothly with your existing systems.
• Budget Compatibility: Ensure the MSSP’s service packages align with your budget, and consider scalable options that can grow with your firm.
• Responsiveness: Quick, clear communication is vital. Choose an MSSP with reliable response times and well-defined protocols for managing incidents.

Evaluating these factors helps firms find an MSSP that meets both current security needs and long-term goals, providing a strong foundation for cybersecurity and compliance. You can download our eBook to learn 22 Questions to Ask Your IT Provider for more information.

Tips for Ensuring a Successful Partnership

Building a strong partnership with your MSSP involves more than just selecting the right provider. Here are key tips for maximizing the benefits:

• Set Clear Goals: Define specific cybersecurity objectives upfront to ensure the MSSP can align their services with your needs, whether focusing on compliance, threat response, or data protection.
• Evaluate Regularly: Schedule performance reviews to assess service quality, response times, and overall effectiveness, allowing adjustments as needed.
• Provide Employee Training: Collaborate with your MSSP to train staff on cybersecurity best practices, reducing human error and strengthening your first line of defense.
• Maintain Open Communication: Share updates on system changes and threats promptly to enable quick, accurate responses from the MSSP.
• Adapt to Evolving Needs: Regularly reassess your security requirements and work with the MSSP to adjust services as your firm grows or as regulations change.

By following these steps, accounting firms can build a proactive, collaborative relationship with their MSSP, enhancing security and ensuring compliance over the long term.

Future Security Trends

As accounting firms prepare for 2025, they should be aware of key trends in MSSP services:

• AI-Driven Threat Detection: MSSPs are using AI to enhance real-time threat detection, helping firms stay ahead of sophisticated cyberattacks.
• Cloud Security: As firms increasingly adopt cloud-based solutions, MSSPs are focusing on cloud-specific security services to protect sensitive data.
• Compliance Automation: MSSPs are incorporating tools to automate compliance tasks, making it easier for firms to meet regulatory requirements like GDPR and the FTC Safeguards Rule.
• Remote Work Security: With more remote work, MSSPs offer tailored solutions for endpoint protection, VPNs, and identity management.
• Proactive Threat Intelligence: MSSPs emphasize proactive monitoring and incident response planning, equipping firms to handle complex threats with rapid recovery strategies.

These trends position MSSPs as valuable partners for accounting firms, enabling them to navigate evolving cybersecurity liability challenges and regulatory demands.

Watch Nerds Support’s webinar about how to navigate cyber liability and the importance of cyber insurance.

Make a Strategic Decision for a Successful 2025!

With tax season just around the corner, now is the time for accounting firms to make strategic decisions about their cybersecurity. Choosing the right Managed Security Services Provider (MSSP) is essential for navigating the complex threats and regulatory demands of 2025. Beyond data protection, an MSSP is a vital partner in maintaining compliance, reducing risk, and building resilience. With the right provider, firms can focus on their core services, knowing their cybersecurity is managed by experts.

By assessing MSSPs on their industry expertise, compliance capabilities, technology offerings, and responsiveness, firms can find a provider that aligns with their unique needs. This partnership not only secures digital assets but also strengthens the foundation for a successful future.

Investing in a trusted MSSP now ensures your firm is well-prepared for the digital landscape. Contact Nerds Support, a SOC 2 Type 2 certified MSSP specializing in accounting, to secure your data and compliance. Our team delivers the expert support needed to help your firm thrive in an ever-evolving digital world. Reach out to Nerds Support today to safeguard your business for the upcoming tax season and beyond!