Free, Customizable WISP Template from Protection Plus

The IRS requires tax professionals to implement a Written Information Security Plan (WISP) under regulations including the Gramm-Leach-Bliley Act (FTC Safeguards Rule.)

A WISP outlines procedures for protecting client data, and addressing risks related to unauthorized access. Not having a WISP can result in compliance issues and expose businesses to data breaches. The IRS provides templates, such as those in Publication 5708, to help tax professionals establish these plans.

Why Is a WISP Important?

The IRS mandates WISPs to safeguard sensitive information, particularly for tax professionals managing personally identifiable information (PII). Without a WISP, firms risk penalties for non-compliance and potential data breaches that can severely damage client trust and the business. Protection measures like encryption, secure access protocols, and incident response plans form the backbone of an effective WISP.

How to Create a WISP for Your Business?

You can simplify the process using tools like the free, customizable WISP template provided by Protection Plus, which is based on IRS guidelines (Publication 5708).

After completing a questionnaire, the system generates a plan aligning with your business needs. Setting aside 30 minutes to complete this could help protect your business in the long term.

To learn more about WISPs and get started on one for your business, visit erowisp.com.

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Disclaimer: This article is for informational and educational purposes only and does not constitute legal tax advice. Advanced Tax Solutions is not liable or responsible for any damages resulting from or related to your use of this information. It is your responsibility to refer to official IRS documentation for information regarding any tax laws or tax information shown here.