February 20, 2025
As tax season approaches, businesses are focused on
preparing financial documents, filing returns and meeting tight deadlines.
Unfortunately, cybercriminals see this busy season where business owners and
employees are preoccupied as the perfect opportunity to strike.
Most hackers are looking for ways to exploit sensitive
data, scam businesses and create chaos. In today's blog we'll share why tax
season provides cybercriminals with a huge advantage and how you can stay one
step ahead of them.
Why Tax Season Attracts
Cybercriminals
1. Increased
Exchange Of Sensitive Data
Tax
season involves sharing sensitive financial and personal information - both
within your organization and with external parties like accountants or payroll
providers. This creates multiple points of vulnerability for hackers to
exploit, especially through fake e-mails.
2. Tight
Deadlines Lead To Mistakes
Under pressure to meet deadlines, employees may be
less vigilant about double-checking e-mails, links or file attachments. This
makes it easier for phishing scams and malware to slip through.
3. Higher
Volume Of E-mails
During
tax season, businesses handle a flood of e-mails related to forms, payment
requests and compliance updates. Cybercriminals capitalize on this by crafting
convincing phishing e-mails that appear legitimate to intercept that sensitive
data.
4.
Widespread Scams Targeting Taxpayers
Hackers
often impersonate trusted entities like the IRS or tax preparation services to
trick businesses into sharing confidential information or making fraudulent
payments.
Common Tax Season
Threats You Need To Watch Out For
●
Phishing E-mails: Fraudulent
messages claiming to be from the IRS, your bookkeeper or a tax service, asking
for sensitive information or directing you to malicious links.
●
Fake Invoices Or Payment Requests: Scammers
send fake invoices or payment demands to trick businesses into wiring money.
● Ransomware Attacks: Hackers may encrypt critical financial data and
demand payment to release it.
● Social Engineering: Phone calls or e-mails impersonating 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 the latest scams and how to
recognize phishing attempts. Teach them to:
● Verify e-mail senders before
opening attachments or clicking links.
● Be cautious of urgent payment
requests or unusual account updates.
●
Report suspicious e-mails immediately.
2. Secure
Your Communications
Ensure
all data exchanges are encrypted, especially when sharing sensitive tax
documents. Use secure portals or file-sharing tools instead of e-mail whenever
possible.
3.
Implement Multifactor Authentication (MFA)
Require
MFA for access to financial systems, e-mail accounts and any platforms used for
tax-related activities. This adds an extra layer of security, even if
credentials are compromised.
We cannot stress the importance of this feature
enough. If your password is compromised, this can help save you. If it's an
available feature on any account you have, please set it up.
4. Conduct A Cybersecurity
Audit
Work 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 data backup
integrity.
5. Verify
All Financial Requests
Double-check
payment requests, especially those involving large sums or sensitive accounts.
Confirm via a second communication method (e.g., a phone call) to ensure
authenticity.
Don't Let Hackers
Score This Tax Season
Tax time doesn't have to be open season for hackers.
By staying vigilant, educating your team and implementing proactive
cybersecurity measures, you can protect 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
with a FREE Network Assessment to uncover potential vulnerabilities and
ensure your systems are ready to handle whatever comes your way.
Give us a call at 914-923-0161 or click
here to schedule your FREE Network
Assessment now!