9d • General discussion
WISP Requirements
If you don’t already have a Written Information Security Plan (WISP), now is the time. Under the FTC Safeguards Rule, maintaining a WISP isn’t optional, it’s required. More importantly, it’s one of the most effective ways to protect your clients and your business.
A strong WISP helps you:
- Identify risks before they become problems.
- Prevent data breaches, not just respond to them.
- Stay compliant with IRS and FTC data protection requirements.
- Act quickly and confidently if something goes wrong.
At a minimum, your WISP should include:
- Risk Assessment – Identify internal and external risks to client data.
- Safeguards and Controls – Encryption, firewalls, and access controls.
- Data Handling Policies – How data is stored, accessed and disposed.
- Incident Response Plan – Clear steps for responding to breaches, including reporting procedures and client notifications.
- Employee Training – Ensure your team understands security best practices and phishing awareness.
- Ongoing Reviews – Keep your plan current and effective.
Failure to have a WISP can lead to fines, legal issues, and reputational damage. More importantly, it can leave your clients exposed.
Putting a plan in place now gives you confidence that you’re ready, no matter what happens.
Protect your business. Protect your clients. And stay ahead of the risk.
Resources:
Pub. 5708, Creating a Written Information Security Plan for Your Tax & Accounting Practice
Pub. 5709, How to Create a Written Information Security Plan for Data Safety (one-pager)
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WISP Requirements
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