Tax Businesses and Tax Professionals
Common Issues Faced by Tax Businesses and Professionals
1. Identifying and Protecting High Risk Data
Knowing what type of data is High Risk allows your organization to secure the High Risk data, which will reduce the likelihood of an attack and when an attack occurs the High Risk data will remain Safe.
High Risk Data for Tax Professionals and their businesses:
Social Security Number
Stated Issued ID Number
Passport Number
Mother's Maiden Name
Name
Credit History
Criminal History
2. Knowing Where your High-Risk data is
Mapping your High-Risk data is important so that solutions can be built to protect your customers information. Questions to ask yourself
What Media (how data is stored and transferred)?
Where is the High Risk Data Located?
Is your High Risk Data Encrypted?
Where does the High Risk Data go?
3. Internal Revenue Code (IRC) Regulations
Section 7216 and 6713 of the internal Revenue Code (IRC) protects customers Tax Information from being used by anything other than Tax preparation. Any failures that lead to an unauthorized disclosure may subject you/business to penalties under section 7216 and/or 6713.
Protecting your customers information is vital. A cyber-attack can hurt your companies reputation relating to securing customers Personal Identifiable Information (high risk data).
Statistics
60%
of businesses are unable to withstand the six months following a cyber-attack
Companies who face a cyber breach face a high price to recover and replace damaged equipment. In some cases the reputation of all customers who were affected will not come back due to lose of trust.
18.6%
18.6% of small business cyber-attacks occur due to Data breach.
42% of small businesses experienced a cyberattack in the last year, 18.6% of those attacks are related to a Data Breach. That Data breach will cause a complete lose of your High Risk Customer Personal Identifiable information to be compromised.
>50%
Phishing was 2021's top most infection vector
According to X-Force Threat Intelligence Index 2022
Cybersecurity Solutions for Tax Businesses and Tax Professionals
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