Is your cyber security strong enough for your digital tax forms?
Do you know how to keep your digital tax forms safe from cyber criminals? We look at what you can do to protect your tax data.
Do you know how to keep your digital tax forms safe from cyber criminals? We look at what you can do to protect your tax data.
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Digital technology is changing the way that businesses manage their accounts and taxes. We previously discussed How are accountants using technology to transform how they operate? in a previous blog and offered businesses advice to prepare for MTD in our post Making tax digital – will your IT be ready?
The rollout of MTD continues apace. MTD ITSA is planned for April 2024, delayed from April 2023 to allow businesses more time to prepare, post-pandemic. But there are concerns that the cyber security measures put in place by some businesses aren’t robust enough, given the sensitivity of the data being digitised.
When transitioning to MTD you need to consider:
Anyone new to digital tax systems may find it harder to spot cyber criminals and could be vulnerable to fake “offers of help”. Phishing attacks are a particularly easy way of luring people into divulging information or into actions that give hackers access to their systems.
In fact, as 80% of cyber breaches are a result of human error, it seems that people are the biggest risk to security. This emphasises the importance of planning an effective rollout for any new process or accounting software.
When a business falls prey to a cyber-attack and loses client data, it affects trust between all parties and can seriously harm its public reputation. High profile businesses that are targeted by a data breach become the subject of unwanted media attention.
Data protection legislation is very clear and precise and the penalties it demands for failing to meet obligations are serious.
Cyber-attacks come in different forms and can be very sophisticated. This means that no one act can prevent an attack, and multiple layers of all-round defence are needed.
To protect your MTD files, consider a combination of defences:
For business owners and managers planning for the next stage of MTD in April 2024, preparation is key. And for anyone already embracing MTD, it’s never too late to ensure you have robust systems in place to protect your MTD forms.
Your business may not have experienced a cyber-attack yet, and you may question why any cyber criminal would be interested in your tax records. But private data is valuable to today’s cyber criminal and no business or individual is immune from their reach.
If you are working with MTD or you plan to transition to a digital tax format, our team at Syn-Star provides a range of IT Support services and cyber-security training to our customers. We make sure they can make the move in confidence, and that they won’t be compromising their security or putting client data at risk.
Anne-Marie Blazdell is a Marketing & Communications Manager with expertise in digital marketing, content creation, and IT solutions. With a strong foundation in graphic design, she trained at Farnborough College of Technology and Southampton Solent University before advancing into marketing and business IT support.
Since joining Syn-Star in 2022, Anne-Marie has specialised in crafting SEO-optimised website content, managing social media, and helping businesses navigate the complexities of IT. Her work bridges the gap between technology and business, making IT more accessible and effective.
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