Let’s face it, filing taxes isn’t exactly exciting. But for employees hoping for a refund, getting their W-2 form is a big deal. Beyond reporting taxes paid, the W-2 contains sensitive data such as social security numbers and income details. These are prime targets for cybercriminals.
Here are five essential actions every employer should take to keep W-2 information protected and your workforce secure this tax season:
Employees: Your First Defense Against Cyberattacks
Give your employees the tools to outsmart cybercriminals. Equip them with sharp, ongoing training so they can recognize scams, protect sensitive data, and call out suspicious activity, making your team the ultimate security force on the front lines.
Turn training into action with live phishing drills and hands-on challenges. Help your employees spot threats before they strike and keep defenses strong with frequent refreshers. Real-world practice keeps your team alert and ready for anything.
Safeguard Data Using Multifactor
Boost your defenses by requiring employees to confirm their identity with two or more steps, such as a password and phone code. With multifactor in place, cybercriminals hit a wall; even if they steal a password, your data and accounts stay locked down and secure.
Limit and Monitor Access to W-2 Data
Limit W-2 access to only those who truly need it. Think of key HR and accounting staff. Lock down storage, both physical and digital, so sensitive data stays protected at every turn. Clearly define who’s authorized to access this information and make secure disposal a priority: shred paper files and wipe digital copies for good. Every step reinforces your team’s security.
Lock Down W-2s With Advanced Encryption
Encryption transforms your W-2s into digital vaults – only trusted users with the key get in, while hackers are left empty-handed. Invest in the best encryption technology, stay ahead with regular updates, and secure your keys with top-notch protection. Lock in your team’s data and leave cybercriminals in the dust.
Stay Proactive – W-2 Data Needs Ongoing Defense
Protecting W-2 data takes constant vigilance, not just a single fix. Keep your defenses strong with regular software updates, in-depth security checks, and up-to-the-minute awareness of new cyber threats. Your employees rely on you to stay one step ahead and safeguard their personal information from today’s relentless digital attacks.
Make W-2 Safety Simple – Connect With CBIZ Today
During the 2024 tax filing season, the IRS flagged approximately 1.9 million tax returns as potentially fraudulent and stopped $16.5 billion in fraudulent refund claims. By late February 2024, the IRS had confirmed 32,616 tax returns as fraudulent, highlighting a continued rise in tax fraud and the importance of safeguarding employees’ W-2 information.
That’s where we come in. CBIZ can help you put proven strategies in place, safeguard your employees’ W-2 information, and stay ahead of evolving cyber threats.
Learn more about CBIZ Payroll Solutions.
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