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We perform payroll accounting for companies whether they employ a few or hundreds of employees.
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Grant Thornton Baltic's experienced tax specialists support accountants and offer reasonable and practical solutions.
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Our experienced accountants and advisors help you prepare consolidation tables and make the consolidation process more efficient.
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Our experienced specialists advise on more complex accounting transactions, rectify poor historic accounting, and offer the temporary replacement of an accountant.
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We help companies to implement accounting practices that are in compliance with local and international standards.
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Our specialists advise payment institutions, virtual currency service providers and financial institutions.
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We advise on legal, tax and financial matters necessary for better management of the company's legal or organizational structure.
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We provide advice in all aspects of the transaction process.
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We thoroughly analyze the internal documents, legal relations, and business compliance of the company to be merged or acquired.
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The service is intended for entrepreneurs who are looking for a reliable partner to solve the company's day-to-day legal issues.
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We offer a contact person service to Estonian companies with a board located abroad.
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We organize both public trainings and tailor made trainings ordered by clients on current legal and tax issues.
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Whistleblower channel
At Grant Thornton Baltic, we believe that a well-designed and effective reporting channel is an efficient way of achieving trustworthiness.
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In order to be successful, every company, regardless of the size of the organization, must have a clear strategy, ie know where the whole team is heading.
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We support you in updating your marketing and brand strategy and customer management system, so that you can adapt in this time of rapid changes.
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A good organizational culture is like a trump card for a company. We guide you how to collect trump cards!
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We plan the tax consequences of a company's acquisition, transfer, refinancing, restructuring, and listing of bonds or shares.
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An employee of an Estonian company abroad and an employee of a foreign company in Estonia - we advise on tax rules.
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Pan-Baltic tax system comparison
Our tax specialists have prepared a comparison of the tax systems of the Baltic countries regarding the taxation of companies and individuals.
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We help fill positions in your company with competent and dedicated employees who help realize the company's strategic goals.
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We provide internal audit services to financial sector companies. We can support the creation of an internal audit function already when applying for a sectoral activity license.
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We conduct audits of projects that have received European Union funds, state aid, foreign aid, or other grants.
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We can help build the whistleblowing system, from implementation, internal repairs and staff training to the creation of a reporting channel and case management.
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We help solve issues related to the environment, social capital, employees, business model and good management practices.
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Our international tax specialists define the concept of sustainable tax behavior and provide services related to sustainable tax behavior.
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We help assess the digital maturity of your organization, create a strategy that matches your needs and capabilities, and develop key metrics.
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We aid you in determining your business’ needs and opportunities, as well as model the business processes to provide the best user experience and efficiency.
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Business Intelligence
Our team of experienced business analysts will help you get a grip on your data by mapping and structuring all the data available.
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Cybersecurity
A proactive cyber strategy delivers you peace of mind, allowing you to focus on realising your company’s growth potential.
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Innovation as a Service
On average, one in four projects fails and one in two needs changes. We help manage the innovation of your company's digital solutions!
The “smart house” concept is becoming the new normal for office buildings, with technology being used to control heating, ventilation, lighting and the opening and closing of doors. But what happens if a cyber criminal manages to gain access to critical systems in the building?
Smart solutions can become a real headache for the owner, if such functions come under the control of a malign influence. An unexpected interruption of service – for example, ventilation and lighting stops working or the power goes out – is a nightmare for any office building, shopping mall or tenant space manager. Besides crippling everyday operations, a cyber attack can also do major damage to reputation. A recent survey conducted by Grant Thornton found that a majority of companies are afraid of precisely the latter consequence of a cyber attack.
Consequently, dealing with cyber security and data protection must be part of daily operating procedure for the management of companies that run an office building, much like analysis of financial reports. That’s unfortunately not the way it is in real life.
The study also revealed that less than 2/3 of companies (65%) have undertaken activities to map what sorts of data are collected in the company, but they don’t know:
- how much data there is,
- what is done with the data and
- what could happen if the data become compromised.
A report from the State Information System Authority (RIA, see https://www.ria.ee/en/) notes that there were 9,135 cases where cyber security was impacted last year in Estonian computer and data communication networks. Of these, 2,248 – about one-fourth – were found to be cyber security incidents, meaning that the event had a direct impact on the confidentiality, integrity or availability of information or systems. The number of cases this year has grown. The question is no longer if we will be hit by a cyber attack – the question is when.
What are the cyber risks?
According to RIA, the most common cyber risks are malware transmitted by e-mail and spread by web domains, and infected and botnet-controlled devices in communication networks. Phishing and ransomware incidents have received greater public attention – the most recent major case involving the latter was in May, when WannaCry spread around the world. The WannaCry virus encrypted files on infected computers, and criminals demanded a ransom in exchange for the “key”. Considering that WannaCry managed to wreak havoc in 150 countries, including Estonia, it is evident that companies must do more to ensure the security of their information systems.
Cyber criminals look for the “door” of least resistance for breaking into companies and seizing control of data and systems. Sometimes this door is located in the supply chain – for instance, a building’s property management company’s IT system might have weak security, giving the criminals access to a company’s systems located in the building. This can come as a very unpleasant surprise for the building tenants who might have been under the impression that everything is fine in terms of security. Every property management company should thus ask themselves whether they have conducted a thorough IT security analysis and adopted appropriate measures to prevent cyber criminals from accessing their information systems. Every tenant who uses the servers, WiFi network and information systems provided by the lessor company should also ask themselves the same question.
How to increase cyber security?
- Determine your company’s business-critical assets: people, buildings, goods and services, processes, databases. 78% of companies establish data protection procedures without evaluating what their valuable data are.
- Make sure you know what every business-critical asset’s greater vulnerability is, and analyse what types of cyber attacks are most likely in this regard: both now and in the future.
- Control systems should be designed to allow employees, supply chain actors and the public (including website visitors) to access only the information they need.
- Keep the networks for tenants and property management company separate whenever this is appropriate and possible.
- Ensure that there is a good reason for any and all accesses to systems and data.
- Back up important data sufficiently frequently and if necessary, update software.
- Encrypt hard drives, set up a properly configured firewall, use anti-virus protection and, if possible, attack detection systems.
- Do not send critical or sensitive data unencrypted by e-mail. At minimum, use encryption.
- Develop a crisis management plan: who does what first, if you come under cyber attack. Test your crisis management plan regularly!
- Make sure all participants in the supply chain know their duties in ensuring cyber security – every link in the chain is connected to others, too!
- Place special emphasis on raising employee awareness, as people are the weakest link in ensuring cyber security. There will always be someone who, because they don’t know better or weren’t thinking, clicks on a link in an e-mail and infects a computer with malware. Make training employees on IT security topics something your company does on a consistent basis.
Author: Siiri Antsmäe