Aust: The importance of cyber security for tax practitioners

TPB reinforces the importance of cyber security for tax practitioners

The TPB today has released updated guidance related to cyber security for all registered tax practitioners.

'The TPB recognises the emerging threat of cyber-attacks and the importance of tax practitioners proactively protecting themselves, their practice and their clients', acting Chair of the TPB, Greg Lewis said.

‘One way that tax practitioners can protect themselves is to consider whether they should take out additional professional indemnity (PI) insurance cover to assist with first party losses arising from a cyber-attack. Such losses can include a ‘denial of service’ attack or the costs of rectifying harm done, such as repairing and restoring systems that have been damaged by malicious acts.’

The TPB also recognises that cyber security awareness training can assist tax practitioners protect themselves from a cyber-attack. As a result, the TPB now specifically recognises that cyber security training a tax practitioner undertakes will contribute to them meeting their continuing professional education/development requirements with the TPB and their obligations under the Code of Professional Conduct.

The updated information is available now in the TPB’s PI insurance and Continuing professional education Explanatory papers. You can also read practical tips on protecting your practice from cyber threat.

About the Tax Practitioners Board:

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.

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