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Keeping Taxpayer Data Secure (Course Id 1387)

Updated / QAS / Registry
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Author : Paul Winn, CLU, ChFC
Course Length : Pages: 53 ||| Review Questions: 13 ||| Final Exam Questions: 15
CPE Credits : 3.0
IRS Credits : 0
Price : $26.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Primary Subject-Field Of Study:

Business Management & Organization - Business Management & Organization for Course Id 1387

Description :

The annual global cost of cybercrime is high and getting higher all the time. In fact, cyber criminals reap a windfall from their activities that is estimated to have been $450 billion in 2015 and is anticipated to climb to an annual $10.5trillion average by 2025. In the United States alone, the FBI received reports of 847,376 complaints involving $6.9 billion in 2021.  Almost all of that cybercrime began with—and continues to start with—a social engineering concept known as “phishing.”

Certain business organizations, among which are those referred to as “financial institutions,” are charged by the FTC with taking particular steps to protect their customers’ financial information. Included in the category of financial institutions are professional tax preparers. Professional tax preparers normally maintain a significant amount of taxpayer information in various files—electronic and paper—that would be a treasure trove for cyber criminals.

In this course, tax preparers are introduced to the problem of cybercrime and its costs, offered methods that can be expected to reduce the chances of becoming a cybercrime victim, and informed of proper steps to take if they do become victims of cybercrime. Accordingly, it will examine cybercrime and will discuss:

  • The extent of the cybercrime problem;
  • The potential costs to a tax preparer whose taxpayer data have been breached;
  • The best practices a tax preparer may implement to avoid becoming a cybercrime victim; and
  • What a tax preparer should do if its taxpayer data has been breached.
Usage Rank : 0
Release : 2023
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 12-Apr-2023
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - 1387

Keywords : Business Management & Organization, Keeping Taxpayer Data, Secure, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you should be able to:
  • Recognize the pervasiveness of cybercrime;
  • Identify the potential costs of experiencing a data breach;
  • Understand the best practices that may be implemented to protect a tax preparer from cybercrime; and
  • List the responsibilities of a tax preparer who has experienced a taxpayer data breach.

Chapter 1
Introduction to Cybercrime

When you have completed this chapter, you should be able to:
  • Identify the source of the most frequent type of malicious access to a firms taxpayer information;
  • List the most common types of cyber attack;
  • Describe how a denial-of-service attack operates to impede business operations; and
  • Recognize the dangers of Trojan horses.

Chapter 2
Laws & Regulations Safeguarding Taxpayer Data

When you have completed this chapter, you should be able to:
  • List the principal federal laws and regulations governing the security of taxpayer information;
  • Understand the objectives and requirements of the Safeguards Rule;
  • Identify the notification requirements imposed by the Financial Privacy Rule; and
  • Distinguish between a customer and a consumer under FTC regulations.

Chapter 3
The Costs of a Data Breach

When you have completed this chapter, you should be able to:
  • List the principal causes of a data breach involving customer records;
  • Identify the investigation and remediation activities normally undertaken by an organization following a data breach involving customer information;
  • Recognize the average costs of a data breach in the United States; and
  • Understand the probability of a business experiencing a data breach within the next 24 months.

Chapter 4
The Information Security Plan

When you have completed this chapter, you should be able to:
  • Recognize the function of a firms Information Security Plan;
  • List the principal sections of an Information Security Plan;
  • Identify the role of an Information Security Plans physical security procedures; and
  • Describe the elements comprising a firms information and computer system.

Chapter 5
Best Practices for Securing Data

When you have completed this chapter, you should be able to:
  • List the data use and retention areas generally vulnerable to unauthorized access of taxpayer information; and
  • Identify best practices for securing taxpayer information.

Chapter 6
When a Data Breach Occurs

When you have completed this chapter, you should be able to:
  • Identify the steps that should be taken by a business to stop or limit additional data loss if a data breach has occurred involving its clients;
  • Recognize the need for a comprehensive communications plan;
  • List the entities that should be notified in the event of a data breach; and
  • Identify the additional protections that may be recommended if a data breach involves the compromise of clients Social Security numbers.
Course Contents :

Course Learning Objectives

Introduction to the Course

Chapter 1 - Introduction to Cybercrime

Chapter Learning Objectives


The Nature of Cybercrime

Computer Viruses

Denial-of-Service Attacks

Installing Malware

Phishing, Vishing, Smishing & Pharming

Staying Current on Cyberthreats & Avoidance Strategies

FBI Internet Crime Report


Chapter Review

Chapter 2 - Laws & Regulations Safeguarding Taxpayer Data

Chapter Learning Objectives


The Gramm-Leach-Bliley Financial Modernization Act

FTC Standards for Safeguarding Customer Information Rule

FTC Privacy of Consumer Financial Information Rule

The Contents of the Privacy Notice

Sarbanes-Oxley Act of 2002

Penalties for Unauthorized Disclosure or Use of Taxpayer Information

Code of Federal Regulations 301.7216.1

Internal Revenue Code 6713

Internal Revenue Procedure 2007-40


Chapter Review

Chapter 3 - The Costs of a Data Breach

Chapter Learning Objectives


Data Breach

Causes of Data Breach

Cybercrime Costs

IBM-Ponemon Study

Customer Loss

Number of Records Stolen or Compromised

Time Required to Identify and Contain a Data Breach

Cause of the Data Breach

Remediation and Other Costs Following Identification of Breach

Probability of Experiencing a Data Breach


Chapter Review

Chapter 4 - The Information Security Plan

Chapter Learning Objectives


Ensuring Data Security

Where to Begin: Determining Responsibility

Identifying the Risks and Their Impact

Writing an Information Security Plan

Securing the Physical Facility

Personnel Security

Information and Computer Systems Security

Media Security


Chapter Review

Chapter 5 - Best Practices for Securing Data

Chapter Learning Objectives


Recommended Practices

Employee Management

Employee Training

Policies and Procedures

Maintaining Information System Security

Information Storage

Customer Data Transmission

Disposal of Customer Information

DOL Best Practice Guidance


Chapter Review

Chapter 6 - When a Data Breach Occurs

Chapter Learning Objectives


When a Data Breach Occurs

Secure the Firms Operations

Remove Improperly Posted Information from the Web


Fix Vulnerabilities

Thinking about Service Providers

Checking the Firms Network Segmentation

Working with Forensics Experts

The Firms Communications Plan

Notify Appropriate Parties

Notify Law Enforcement

Notify Affected Businesses

Notify Individuals

Model Letter


Chapter Review

Appendix I

Appendix II


CPE Business Management & Organization Course: https://www.cpethink.com/practice-management-cpa-courses
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