Auto opt out for Account Types set to Competitor

I need to make sure that where "Account Type" is set to a specific type "Competitor", that they (all associated contacts) are automatically opted out from receiving emails and subscribing to newsletters.

I note that opt out is at Contact level and not Account level and therefore I do not have the option to update the Account if Account Type = Competitor.

Is it possible to either include the opt out at Account level and then I can see opt out in the Accounts Module, or if not, then is it possible to automate a rule that looks at a field in the Accounts Module and then updates a field (s) in the Contacts Module?