Episode Details

According to the FBI, cybercrime has increased by 300% since the start of the COVID-19 pandemic. Now, more crucial than ever, tax practitioners need to remain vigilant and one step ahead of cybercriminals in the everchanging world of data security.

Listen in to a frank discussion on cybersecurity with April Walker, CPA, CGMA, Lead Manager — AICPA Tax Section and special guest Byron Shinn, CPA, Partner — Carr, Riggs & Ingram, LLC, on this episode of The Tax Section Odyssey.

What you'll learn in this episode

• Is a cyberattack a real threat? (0.43)
• What does a data security plan look like (3.15)
• How often should you review a data security plan (8.16)
• Cybersecurity insurance considerations (10.14)
• Attorney recommendations to help in the cybersecurity arena (13.55)
• Real-life examples of CPA firm concerns and data security plan insecurities (16.29)
• The why and how of independently testing network security (16.47)
• Example of encryption hack; ransomware and cryptocurrency (18.51)
• Lack of cyberattack reporting and high-profile cases (20.40)
• Important takeaways for cybersecurity (22.31)
• A page from Byron's travel journal (24.38)

AICPA resources

• Cybersecurity resources — Access additional resources on our Cybersecurity Resource Center to help organizations and businesses, including CPA firms, assess risks.
• Best Practices for Keeping Client Data Secure — Learn about proactive data security tips for practitioners to implement to keep client data protected from identity theft.
• Gramm-Leach-Bliley Act Information Security Plan Template — The Gramm-Leach-Bliley Act requires financial institutions to have a written information security plan. Use this template to document your firm's policies.
• Identity Theft Checklist — Provide this checklist to clients to help them appropriately and efficiently address identity theft issues.
• Letter to Advise Client on Tax-Related Identity Theft — Notify a client of a potential tax-related identity theft and/or outline the steps that can be taken to address the issue.
• Letter to Client to Protect Against Tax-Related Identity Theft — Help clients take steps to secure their personal information and prevent identity theft.
• Tax Identity Theft Toolkit — CPA tax practitioners need to combat tax-related identity theft daily as it has become pervasive globally. Use this toolkit to tackle tax identity theft issues with your clients.

Other resources

• Get An Identity Protection PIN (IP PIN) — An IP PIN is a six-digit number that prevents someone else from filing a tax return using your Social Security number or Individual Taxpayer Identification Number.
• PTIN Requirements for Tax Return Preparers — Anyone who prepares or assists in preparing federal tax returns for compensation must have a valid 2022 PTIN before preparing returns.
• Publication 1345,