Data Security Must be a Priority
Ensure IRS and SEC Compliance with Watch Cloud's Comprehensive Solutions
The IRS & FTC have created guidelines for data security compliance. If a finance professional is audited and does not have these measures in place, they can face fines in excess of $50,000+.
the IRS Publication 4557 & Taxes-Security-Together Requirements
Managed Detection & Remediation
MDR is a cybersecurity service that identifies and addresses potential cyber threats in real-time to safeguard financial systems and data.
Firewall
Digital barrier that safeguards financial networks and data by controlling incoming and outgoing internet traffic, preventing unauthorized access and potential cyber threats.
MFA
Enhanced security method that requires professionals to provide two or more forms of identity verification, such as a password and a fingerprint, before granting access to financial systems or data.
Backup Software
Secure digital solution that automatically copies and stores essential financial data and documents, providing a reliable way to recover information in case of data loss or system failure.
Drive Encryption
Converts financial data into unreadable code on storage devices, ensuring that only authorized individuals with the appropriate decryption key can access and comprehend the sensitive information.
VPN
Virtual Private Network, is a secure digital tunnel that allows finance professionals to access and transmit sensitive financial information over the internet with encryption and anonymity, minimizing the risk of unauthorized access or data interception.
WISP
Structured document outlining specific measures and protocols designed to protect financial data and systems, ensuring confidentiality, integrity, and availability while minimizing potential cyber threats.
Cyber Education
Training and awareness about digital risks and best practices, empowering them to make informed decisions and take proactive steps to safeguard financial data and systems from cyber threats.
Recovery Plan
Detailed strategy outlining systematic steps for finance professionals to restore and resume critical operations and data access after a cybersecurity incident, minimizing downtime and mitigating financial losses.
Some tax pros may routinely overlook these checklist items and others need to regularly revisit them. The steps are not only important for tax practitioners, but for taxpayers as well.
The "Taxes-Security-Together" Checklist highlights key security features:
- Deploy the “Security Six”
- Create a data security plan
- Educate yourself and be alert to key email scams
- Recognize the signs of client data theft
- Create a data theft recovery plan
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