TPB updates insurance, security guidance

TPB updates insurance, security guidance

Security

New guidance related to cyber security and professional indemnity insurance has been released from the regulator for tax and BAS agents.

The Bookkeeper reported two weeks ago that this guidance was set for imminent release.

As part of updated guidance on cyber security for all registered tax practitioners, the TPB now recognises that cyber security awareness training can assist tax and BAS agents in protecting themselves from a cyber attack.

The TPB will now specifically recognise that cyber security training which a tax practitioner undertakes will contribute to them meeting their continuing professional education requirements with the TPB and their obligations under the code of professional conduct.

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

New guidance on extensions of professional indemnity (PI) insurance cover has also been released, with the TPB recommending that practitioners consider whether they require additional protection against cyber threats, including losses that a tax adviser may suffer from a cyber attack.

“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,” added Mr Lewis.

TPB updates insurance, security guidance
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