Enhancing cybersecurity protocols in tax accounting practices: Strategies for protecting taxpayer information
1 Master of Business Administration in Accounting Maharishi International University, Iowa, United States.
2 Master of Business Administration in SAP (ERP) Finance and Data Analytics Maharishi International University, Iowa, United States.
Review Article
World Journal of Advanced Research and Reviews, 2024, 23(03), 1788–1798
Publication history:
Received on 07 August 2024; revised on 14 September 2024; accepted on 16 September 2024
Abstract:
This paper highlights the importance of enhancing cybersecurity measures in tax accounting to protect taxpayer data. It proposes strategies to ensure compliance and enhance data security in the context of evolving cyber threats.
This study investigated the cybersecurity landscape within the tax accounting sector, focusing on prevalent threats, the effectiveness of existing security measures, and areas for improvement. Utilizing a mixed-methods approach, the research combined qualitative interviews with cybersecurity experts and tax accounting professionals, quantitative surveys of 200 tax accounting firms, and detailed case studies of firms that experienced significant cyberattacks. The findings reveal that phishing attacks, ransomware, data breaches, malware, and insider threats are the most common cybersecurity challenges faced by tax accounting practices. While measures such as encryption, multi-factor authentication (MFA), firewalls, intrusion detection systems (IDS), regular security audits, and comprehensive employee training prove effective, their inconsistent implementation across the industry highlighted the need for standardized protocols. The study identified significant gaps in resource allocation, particularly for smaller firms and non-profits, and underscores the necessity for formal incident response plans. Recommendations include enhanced training programs, development of standardized security protocols, resource support for smaller firms, regular security audits, comprehensive incident response plans, and adoption of advanced technologies. The study calls for further exploration of emerging threats, cost-effective solutions for smaller firms, the impact of artificial intelligence (AI) and machine learning (ML), longitudinal studies on cybersecurity practices, and analysis of policy and regulatory impacts. These insights aim to enhance the cybersecurity posture of tax accounting practices, ensuring the protection of sensitive taxpayer information and overall industry resilience.
Keywords:
Cybersecurity; Tax Accounting; Data Protection; Compliance; Machine Learning; Artificial Intelligence
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0