From Rapid Response to Complete Recovery: A Cyber Insurance Success Story
In today’s tax and accounting landscape, cyber insurance isn’t optional, it’s essential. Cybercriminals continue to target tax firms like yours, going after your clients’ personal data that is stored in your systems. For tax and accounting professionals, a single breach can compromise client trust and lead to regulatory scrutiny, including fines and penalties that can threaten the long-term stability of your business.
Choosing the right cyber insurance plan isn’t just about compliance, it’s about ensuring the resilience of your practice when the unexpected happens.
Read below for a real-world example of how one of our trusted cyber insurance providers helped a tax professional recover $15,000 after a fraudulent wire transfer.
The $15,000 Claw Back
Our insurance team recently received a call from a distressed tax professional. One of her clients had reached out to her after noticing a $15,000 payment made to an unfamiliar account, which she had not authorized.
Our team advised the tax professional to call her cyber insurance carrier’s 24/7/365 claims line. The claims professional confirmed her policy included coverage for Funds Transfer Fraud, which protects businesses from financial losses due to unauthorized electronic fund transfers at the hands of a cybercriminal.
Within minutes, the cyber claims specialist began a remote assessment of the tax professional’s systems to identify the cause of the unauthorized transfer and ensure no additional systems were compromised.
Through the coordinated efforts of the tax professional and the tax professional’s cyber insurance company, the full $15,000 was successfully recovered. The funds were returned to the client’s account, averting a significant financial and operational impact on the tax professional’s firm.
This case illustrates the importance of rapid reporting, in-house claims expertise, and comprehensive cyber insurance coverage.
Choosing the Right Plan for Your Firm
It is important to obtain all the necessary information when considering the proper cyber insurance protection for you and your business. Most standard cyber insurance companies offer cyber coverage that is not adequate for tax professionals.
That’s why we offer access to comprehensive solutions designed specifically for tax and accounting professionals to help navigate the cyber landscape and mitigate damage from a cyberattack. Cyber insurance can help offset the financial impact of a cyber breach and ensure access to rapid response resources. We offer plans through ERO Cyber Security and Coalition Cyber Insurance to help your business succeed beyond the tax returns.
ERO Cyber Program – our trusted cybersecurity solution built specifically for tax professionals. ERO Cyber Security is a complete package designed to assist firms that process less than 500 returns.
Coalition Cyber Insurance — an active, comprehensive cyber liability solution designed to protect businesses like yours against evolving digital threats. Coalition Cyber Insurance is a comprehensive solution designed for businesses that process 500 or more returns in a single tax season.
Want to speak to a Protection Plus representative to learn which plan is right for you?
Katie Lasko
Tax Protection Plus
October 2025