Get A Written Information Security Plan

A WISP is required for any organization that handles sensitive client information, mainly personal identifiable information (PII) and financial data. This includes:

• Sole Practitioners
• Accounting/Tax Firms
• Financial Advisors & Consultants
• CPA Firms
• Individual Tax Preparers
• Bookkeeping Services

Yes, accounting and tax firms are required to have a WISP. Here's why:

• Mandatory for tax preparers: The IRS requires tax preparers to implement a WISP to secure client data.
• Importance for tax professionals: A WISP ensures the confidentiality, integrity, and security of taxpayer data, reducing the risk of breaches.
• IRS requirement: The IRS introduced the WISP requirement to comply with the GLBA and safeguard sensitive financial information.

Failure to implement a WISP can result in:

• Financial penalties: Non-compliance with the FTC Safeguards Rule or GLBA can result in fines ranging from thousands to millions of dollars.
• Reputational damage: A data breach or non-compliance can harm a firm's reputation, losing client trust.
• Legal liabilities: Firms can face lawsuits for negligence in protecting sensitive information.

Creating a WISP independently can be challenging due to the following:

• Complex regulations require expertise to understand and comply with IRS, GLBA, and FTC requirements.
• Customization needs: Every firm has unique risks and operational needs that must be addressed in the WISP policy.
• Time investment: Developing a robust WISP plan demands significant time and effort.

Ace Cloud Hosting simplifies the process with expert guidance and ready-to-use templates tailored to your needs.

• GLBA Penalties: Fines up to $100,000 per violation and possible imprisonment for responsible parties.
• FTC Safeguards Rule: Non-compliance can lead to fines and other enforcement actions.

The responsibility lies with:

• The firm's data security officer or compliance team.
• For smaller firms, owners or designated personnel may handle WISP implementation.

• Frequency: A WISP should be reviewed and updated annually or whenever significant changes in operations or risks occur.
• IRS deadline: Ensure compliance with updated WISP requirements annually before the tax season.

Physical safeguards include:

• Secure storage for physical records (e.g., locked cabinets).
• Restricted access to sensitive areas.
• Video surveillance and alarm systems.
• Proper disposal of sensitive information (e.g., shredding).

We offer:

• WISP templates are tailored to IRS and GLBA standards.
• Implementation support to ensure compliance.
• Customization: Adjustments based on the firm's size and requirements.
• Training: Comprehensive staff training on WISP policies.
• Regular monitoring and updates to keep your WISP aligned with evolving regulations.
• Competitive edge: Our solution integrates seamlessly with our cloud hosting services, offering end-to-end security.

The cost of a WISP depends on the size and complexity of your firm, as well as the level of customization and support required. Ace Cloud Hosting provides cost-effective solutions tailored to your budget.

Absolutely! Our WISP solutions are fully customizable, catering to firms of all sizes and unique operational needs.

Ace Cloud Hosting can assist with expert consultation and end-to-end implementation support. For more information, connect with our Solutions Consultant today.

Yes, we provide comprehensive training to ensure your team understands and follows WISP policies effectively.

We offer templates in various formats, including PDF, DOCX, and PowerPoint, based on your preference.

While the IRS does not require direct submission of a WISP, you must have it readily available for audits and reviews. Ace Cloud Hosting ensures your WISP is readily available and covers all the required information as per the regulatory guidelines.