March 10, 2025
As tax season approaches, businesses are busy preparing financial documents, filing returns, and adhering to tight deadlines. Unfortunately, this hectic period presents an ideal opportunity for cybercriminals to strike, as business owners and employees are preoccupied.
Hackers are on the lookout for ways to exploit sensitive data, scam businesses, and create disruption. In today's blog, we will discuss why tax season offers cybercriminals a significant advantage and how you can stay ahead of them.
Why Tax Season Attracts Cybercriminals
1. Increased Exchange Of Sensitive Data
Tax season requires sharing sensitive financial and personal information, both internally and with external parties like accountants or payroll providers. This creates numerous vulnerabilities for hackers, particularly through phishing emails.
2. Tight Deadlines Lead To Mistakes
With the pressure of looming deadlines, employees may become less diligent in verifying emails, links, or file attachments. This environment makes it easier for phishing scams and malware to go unnoticed.
3. Higher Volume Of E-mails
Businesses receive a large influx of emails related to forms, payment requests, and compliance updates during tax season. Cybercriminals take advantage of this by sending convincing phishing emails that look legitimate, aiming to intercept sensitive data.
4. Widespread Scams Targeting Taxpayers
Hackers frequently impersonate trusted organizations like the IRS or tax preparation services to deceive businesses into divulging confidential information or making fraudulent payments.
Common Tax Season Threats You Need To Watch Out For
- Phishing E-mails: Fraudulent messages that appear to be from the IRS, your bookkeeper, or a tax service, requesting sensitive information or directing you to malicious links.
- Fake Invoices Or Payment Requests: Scammers may send counterfeit invoices or payment demands to trick businesses into transferring money.
- Ransomware Attacks: Hackers might encrypt critical financial data and demand payment for its release.
- Social Engineering: Impersonation through phone calls or emails from accountants, payroll providers, or other trusted contacts to extract information.
How To Protect Your Business This Tax Season
1. Train Your Team
Educate employees about current scams and how to identify phishing attempts. Instruct them to:
- Verify email senders before opening attachments or clicking links.
- Exercise caution with urgent payment requests or unusual account updates.
- Report suspicious emails immediately.
2. Secure Your Communications
Make sure all data exchanges are encrypted, particularly when sharing sensitive tax documents. Use secure portals or file-sharing tools instead of email whenever possible.
3. Implement Multifactor Authentication (MFA)
Require MFA for access to financial systems, email accounts, and any platforms used for tax-related activities. This adds an extra layer of security, even if credentials are compromised. The importance of this feature cannot be overstated; it can significantly enhance your protection.
4. Conduct A Cybersecurity Audit
Collaborate with your IT provider to identify vulnerabilities in your systems before hackers can exploit them. Focus on:
- Updating software and applying patches.
- Securing network endpoints and devices.
- Verifying the integrity of data backups.
5. Verify All Financial Requests
Double-check payment requests, particularly those involving large sums or sensitive accounts. Confirm their legitimacy through a second communication method, such as a phone call.
Don't Let Hackers Score This Tax Season
Tax season does not have to be a free-for-all for hackers. By remaining vigilant, educating your team, and implementing proactive cybersecurity measures, you can safeguard your business from becoming a victim.
Let's make sure the only thing you're filing this
season is a successful tax return - not a cybersecurity incident report. Start
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