New Survey of National Association of Tax Professionals
Members Identifies Emerging Industry Risks
PHOENIX--(BUSINESS WIRE)--Jul. 29, 2013--
Handling sensitive consumer data such as social security numbers and
bank account information is a core part of a tax professional’s job, yet
many feel inadequately protected from cyber crime-related risks,
according to a recent poll of National Association of Tax Professionals’
The survey of 633 tax professionals polled at the association’s annual
conference in Phoenix revealed that fewer than half of attendees polled
were very familiar with the risks posed by cyber incidents, such as data
theft, identify theft and computer viruses. Only 15 percent reported
having cyber liability coverage, and just one in three (33 percent)
report having a written business continuity or disaster recovery plan.
“Tax professionals need to prepare to withstand an unexpected event
given the sensitive data they work with on a daily basis,” said Marc
Schmittlein, Travelers Executive Vice President, who runs the company’s
small business unit. “It is increasingly important to have a written
business continuity plan in place to identify and mitigate potential
threats to a business. Travelers' relationship with the NATP is just one
way in which the company supports small business owners and ensures they
have the right plans in place to protect their businesses as they grow.”
Travelers shared its own risk education platform with tax professionals
attending the Association’s conference to raise awareness of emerging
industry risks – with a particular focus on cyber – and to educate
members on effective risk management techniques.
As cyber crime continues to grow in popularity and frequency, it is
increasingly important that tax professionals work with their
independent agent to develop a well-rounded insurance program.
The survey of 633 tax professionals was
conducted on-site at the National Association of Tax Professionals
annual conference in Phoenix, AZ from July 8-11, 2013. The results are
intended to represent those tax professionals in attendance. View
full survey results.
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
The company's diverse business lines offer its global customers a wide
range of coverage sold primarily through independent agents and brokers.
A component of the Dow Jones Industrial Average, Travelers has more than
30,000 employees and operations in the United States and selected
international markets. The company generated revenues of approximately
$26 billion in 2012. For more information, visit www.travelers.com.
Source: The Travelers Companies, Inc.
The Travelers Companies, Inc.