5 Tips to Protect Your Tax Preparation Business from Cyber Crime

Don't let your clients' data be at risk. Protect your business and your clients' with these smart tips

If you own a tax preparation business, you handle sensitive data such as Social Security numbers, financial records, and personal information on a daily basis. That’s why it’s crucial to keep your business and customers’ information protected from cybersecurity threats. Here are five ways to safeguard your business from cyber attacks.

Encrypt and Back Up Data

When it comes to cybersecurity, encrypting your sensitive data is essential because it adds another layer of protection. If a hacker gets into your cloud or hard drive, another password is required to access your data. Be sure to back up your data to an external hard drive or the cloud, as well. This may help you recover any lost data in the event of an attack.

Ensure Your Computer Has a Firewall and Antivirus Protection

58% of malware attack victims are linked to small-to-medium sized businesses, making cybersecurity more crucial than ever for owners of tax preparation offices. Whether you use a Windows or Mac laptop, it’s important to have antivirus and firewall software on your computer. Antivirus tools catch and isolate malicious software when they strike, while firewall programs prevent a virus from infiltrating your database in the first place. Also, don’t delay running updates. These will help fight against the latest cyber threats.

Secure Your Hardware

While it’s imperative to acquire the latest cybersecurity software, protecting your hardware is equally important. Many data breaches can be caused by theft, so leaving your servers, computers and other devices vulnerable is a huge risk. Ensure your equipment is locked up and install cameras and alarms to further improve your security.

Train Your Employees

According to a 2017 business report, 54% of data breaches for small-to-medium sized business were caused by a negligent employee or contractor. That’s why it’s critical to keep your team informed about the dangers of cyber attacks. This can be done through a training session or an e-mail reminding your staff to not open attachments from unknown senders, avoid unsecured websites, and change passwords regularly.

Get Cyber Security Insurance

You have insurance for your car, health, and life, so why wouldn’t you invest in insurance to protect your tax preparation business? If your company is affected by a security breach and you’re held liable, you’ll most likely have to pay thousands of dollars in legal fees and recovery expenses, which can financially destroy you. With cybersecurity insurance, it’ll help cover costs such as lost revenue, security overhauls and concessions to customers.

SecurelyID

TaxSlayer Pro offers SecurelyID, a complete identity theft monitoring protection and restoration tool, to ensure that your tax preparation business is protected. Features include:

  • Credit Monitoring
  • Full Service Restoration
  • Internet Surveillance
  • SSN Trace
  • And more

For more information, visit www.securelyid.com or call TaxSlayer Pro Sales at 1-888-420-1040.