Protect Your Business from Cybercriminals This Tax Season 

Why Tax Season is a Goldmine for Hackers 

Tax season is one of the busiest times of the year for businesses. With financial reports to organize, returns to file, and deadlines to meet, security often takes a backseat. Unfortunately, cybercriminals know this and use the chaos to their advantage. 

During this time, businesses are exchanging a high volume of sensitive data, making them prime targets for phishing scams, fraudulent payment requests, and ransomware attacks. To stay ahead of these threats, it’s crucial to understand why tax season is so appealing to hackers and take proactive steps to protect your company. 

Key Cybersecurity Risks During Tax Season 

1. Sensitive Data in Transit 

Sharing confidential tax information with accountants, payroll providers, and government agencies increases the number of access points for potential breaches. If security measures aren’t in place, this information could fall into the wrong hands. 

2. High Email Traffic Equals More Scam Opportunities 

Tax-related e-mails flood inboxes this time of year, making it easier for fake messages to blend in. Hackers use phishing scams disguised as legitimate tax agencies or financial services to steal data and credentials. 

3. Rushed Decisions and Deadline Pressure 

Employees under pressure to meet tax deadlines may quickly respond to e-mails or approve transactions without verifying their legitimacy, leading to costly mistakes. 

Cyber Threats You Need to Watch Out For 

• Phishing Scams: Fake e-mails that mimic the IRS, accountants, or tax services, tricking employees into revealing private data. 
• Fraudulent Payment Requests: Hackers impersonate vendors or financial institutions, sending fake invoices to steal money. 
• Ransomware Attacks: Cybercriminals lock down your financial data and demand payment to restore access. 
• Social Engineering: Scammers pose as accountants or payroll providers to gain access to sensitive information. 

Learn more here: Cyber Threats to Watch Out For 

How to Protect Your Business from Tax Season Cyber Threats 

1. Strengthen Employee Awareness 

Educate your team on the dangers of phishing attacks and fraud. Employees should: 

• Verify the sender before clicking links or opening attachments. 
• Be cautious of unexpected or urgent payment requests. 
• Report suspicious activity immediately. 

2. Use Secure File-Sharing Methods 

Avoid sending sensitive tax documents via e-mail. Instead, use encrypted portals or secure cloud-based storage solutions to keep your data protected. 

3. Enable Multi-Factor Authentication (MFA) 

Adding an extra layer of security with MFA helps prevent unauthorized access, even if hackers obtain login credentials. 

4. Conduct a Cybersecurity Review 

Partner with an IT expert to evaluate your business’s security posture. Key areas to assess include: 

• Review all software and apply necessary security updates to prevent vulnerabilities. 
• Strengthening network security to prevent breaches. 
• Verifying that backups are working and can be restored quickly. 

5. Verify Financial Transactions Before Approving 

To prevent fraudulent payments, confirm requests through a secondary method, such as a phone call, before making transactions. 

Stay Ahead of Cyber Threats This Tax Season 

Cybercriminals count on businesses being too distracted during tax season to notice their scams. By being proactive, training your employees, and strengthening your security, you can avoid falling victim to cyberattacks. 

Reach out and protect your business!