Over the last 18 months or so, bad actors have shifted their attention from performing tax refund identity theft against single consumers to what they deem as a more lucrative, data-rich opportunity: our profession.
Cyber-attacks aimed at accounting and tax firms are a relatively new and very serious threat. Central to this trend is the fact that these firms maintain an abundance of personal and financial data, and serve many clients. Accessing a firm’s client base and related data is the ultimate prize for cybercriminals, so hacking attempts are rising rapidly. In fact, the IRS estimates that three to five firms per day are breached, their data now in the hands of cyber-thieves.
What accountants and tax pros need to know about the Gramm-Leach-Bliley Act