As noted in our prior post here, accountants are a prime target for cyber attacks because of the information they are required to maintain, and need comprehensive Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage). We were reminded of this by a client who forwarded a notice from a state revenue department warning of an increasing threat to accountants. Entitled New Wave of Scams Aimed at Tax Professionals (see here and here), the release notes:
The Internal Revenue Service today warned tax professionals of a new wave of attacks that allow identity thieves to file fraudulent tax returns by remotely taking over practitioners’ computers…Thieves are able to access tax professionals’ computers and use remote technology to take control, accessing client data and completing and e-filing tax returns but directing refunds to criminals’ own accounts.
The IRS recommends tax professionals take the follow steps to protect themselves (see here):
- Run a security “deep scan” to search for viruses and malware
- Strengthen passwords for both computer access and software access
- Be alert for phishing scams: do not click on links or open attachments from unknown senders
- Educate all staff members about the dangers of phishing scams
- Review any software that your employees or vendors use to remotely access your network
Cyber Risk Insurance is an essential coverage for accountants, and comprehensive coverage is not expensive.
Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber), including all professional liability coverages for accountants. We excel at hard to place accounts. Review our expectations here.
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