Tax Preparers’ Cyber Liability Insurance Program
Affordable Cyber Liability Protection Available to PTIN Registrants for as Low as $297/year
IRS Compliance Obligations and Guidelines
“Protecting taxpayer data is not only a good business practice, it’s the law for professional tax preparers,” said IRS Commissioner Chuck Rettig. “Creating and putting into action a written data security plan is critical to protecting your clients and protecting your business.” This is known as a WISP, which is included in the First Watch 360 Plus Plan.
In addition to IRS requirements, there are breach notification laws in all 50 states. The IRS also has guidelines that include phishing scams and employee data security training as areas of focus for tax preparers, which are included in all First Watch Cyber Protection Plans.
Cyber Criminals Target Tax Preparers Because of the Customer Data They Control
Small businesses, like yours, are targeted in 43% of cyber attacks and only 14% are prepared to defend themselves. If you’re not prepared, these are the consequences you could suffer:
- 57% of customers lose trust. 31% terminate the relationship.
- $108,000 is the average cost of a data breach for a small business.
- Government fines, penalties, and card industry assessments.
Protect Your Livelihood with Cyber Insurance and First Watch
With just one phone call to First Watch, we take care of all of your breach response needs. Since the cost of a data breach is always higher than the cost of protection, having cyber insurance is fundamental to protecting your livelihood from cyber attacks and extortion.
View First Watch plan choices and details:
- Shield Plus Plan – includes cyber liability insurance with coverage limits of $100,000 with zero deductible and no underwriting
- 360 Plan – includes cyber liability insurance with coverage limits of $100,000 or $250,000 with zero deductible and no underwriting
- 360 Plus Plan – includes cyber liability insurance with coverage limits of $250,000 with WISP, zero deductible and no underwriting
Coverage is provided through a Risk Purchasing Group (RPG) and AXIS Insurance, rated A+ by A.M. Best.