Tax Agents are Being Warned they are a Target of Thieves and Cyber Crime.
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The Australian Tax Office has sent out a warning to tax agents that criminals are targeting tax practitioners to steal details of their business and their client base. A link to the warning, which includes a video on the issue can be found at:These thieves have used this stolen information to, among other things:
- create false payment summaries;
- lodge fraudulent returns; and
- obtain fraudulent GST refunds.
As a result, this can result in financial loss for tax agents and their clients. The ATO reminds tax agents that it is important that tax practitioners take reasonable care to safeguard their client information. This is particularly relevant now many are working predominantly online. Cyber risk is certainly an ever increasing risk for business and the introduction of cyber security insurance is a welcome addition to the suite of protection offered by the insurance industry.
To assist brokers and their clients, LMI and I personally are working on two projects. First, PolicyComparison.com will provide comparisons of the features and benefits of the major policies in the mar
ket. To develop this is taking longer than we thought, as the policies are so different, but we are committed to launching the new feature by May 30.
ket. To develop this is taking longer than we thought, as the policies are so different, but we are committed to launching the new feature by May 30.Secondly, following the success of the recent eBook guides to Business Interruption and Contract Reviews, Steve and I are working on a guide to Cyber Security and Insurance. I will post a note when it is released.
In the meantime, tax agents are not the only target so every business owner is urged to review their risk and discuss insurance protection with their insurance broker.