Skip to content

Cyber Insurance News

The Leading Source for Cybersecurity Insurance News, Insights and Data

Tax Day = Cyber Scam Day; Watch Out for “Smishing” and “Phishing-as-a-Service (PhaaS)”

Posted on April 15, 2025April 15, 2025 By Mark Sauter

Not long ago we reported on the threat from quishing and brushing. Now the IRS and Microsoft are advising consumers and accountancies about cyber scams linked to tax returns, including “smishing.” What are smishing cyber scams? Read on for a smishing definition.

Microsoft Warns of Phishing Attacks

Earlier this month Microsoft alerted cyber security professionals to several “tax-centric threats” that employ “redirection methods such as URL shorteners and QR codes contained in malicious attachments and abuse legitimate services like file-hosting services and business profile pages to avoid detection.” While not specified in the warning, we imagine some threat actors behind these email schemes are also using “smishing,” the equivalent of phishing emails sent over text or SMS messages.

“Phishing-as-a-Service” (PhaaS)

Many of the attacks are linked to the “RaccoonO365” phishing-as-a-service (PhaaS) platform, reports Microsoft. Tax-themed phishing emails were “sent to over 2,300 organizations, mostly in the United States in the engineering, IT, and consulting sectors” in the second half of February 2025, says its alert.

IRS website image used in an article about smishing that exlanis the cyber scam/

More tax-season cyber threats are listed by the Internal Revenue Service (IRS), which is warning tax payers to watch out for a “Dirty Dozen” of tax scams, most linked to online activity. High on the list is “Smishing,” the agency warns:

“Smishing: A text or smartphone SMS message where scammers often use alarming language such as, ‘Your account has now been put on hold,’ or ‘Unusual Activity Report,’ with a bogus ‘Solutions’ link to restore the recipient’s account. The promise of unexpected tax refunds is another potential tactic used by scam artists.

As a reminder, never click on any unsolicited communication claiming to be from the IRS as it may surreptitiously load malware. This may also be a way for malicious hackers to load ransomware that keeps the legitimate user from accessing their system and files.”

Scams Against Accountants & Other Companies

Cyber criminals not only target individuals with tax-related schemes, but also accountancies and other professional services companies. The “New Client Scam” was the most common attack reported last tax season to the IRS via its tip-sharing address “[email protected].” This year the Service expects more of the scam, which involves spear phishing attacks on tax industry professionals. “Cybercriminals impersonate new, potential clients to trick tax professionals and other businesses into responding to their emails. Once the tax pro responds, the scammer sends a malicious attachment or URL that can compromise the preparer’s computer systems and allow the attacker to access sensitive client information,” warns the IRS, providing more details here.

If your organization needs additional information or wants to participate in efforts against tax scams, check out two organizations supported by the IRS: the “Security Summit,” a public/private partnership fighting tax scams, along with the newer Coalition Against Scam and Scheme Threats (CASST).

We also wonder if the growing range and frequency of these kind of scams may impact demand for personal cyber insurance.

Mark Sauter

Cyber Insurance, Cyber Insurance Policies & Strategies, Cyber Insurance Reports, Cyber Insurance Threats, Personal Cyber Insurance, Personal CyberSecurity Tags:cyber insurace, cyber liability insurance, Cybersecurity, RacoonO365, Ransomware, smishing

Post navigation

Previous Post: Cyber Insurance News & Information Podcast -Episode #3
Next Post: Cyber Insurance Losses Mount, But Industry Poised for Growth – Gallagher Re 2025

Related Posts

  • GenAI Adoption Outpaces Security: 2025 Data Threat Report Exposes Gaps and Solutions AI & Cyber Insurance
  • Japan’s Cyber Insurance Market: Rapidly Growing Cyber Insurance Market Size
  • 61% of Companies Bought Cyber Insurance, But Why? Read the Marsh/Microsoft Survey Cyber Insurance Best Practices
  • Feds Have Failed to Take Basic Step in Analyzing USG Role in Catastrophic Cyber Events: GAO  Cyber Insurance
  • Think Cyber Insurance is Confusing Now? Try Explaining to Consumers the Difference between ID Theft and Personal Cybersecurity Coverage Cyber Insurance Best Practices
  • Cowbell Expands Cyber and Tech E&O Insurance to Companies with Up to $1 Billion in Revenue Cyber Insurance

Get the Cyber Insurance Newsletter

Receive weekly updates on the top news on cyber insurance.

Cyber Insurance News

Cyber Insurance News
In this clip from our latest podcast episode, Dan Candee, CEO of Cork Protection, dives into a critical topic that hits close to home: Cybersecurity for Main Street businesses.

🛡️ With a background in enterprise-level cybersecurity on Wall Street and a personal connection to small business through his family, Dan shares why Cork focuses on protecting small and mid-sized businesses from rising cyber threats.

🚨 "The threat actors are getting better, and they're coming after Main Street more and more."

👉 Discover why Main Street is being underserved in today's digital threat landscape and how Cork is filling that gap with a unique value proposition.

🔗 Learn more about Cork: corkinc.com
🎧 Full Podcast Episode: www.youtube.com/@CyberInsuranceNews/podcasts

📣 Don't forget to LIKE, SUBSCRIBE, and hit the 🔔 notification bell so you never miss a powerful conversation.

#Cybersecurity #SmallBusiness #MainStreet #DanCandee #CorkProtection #TechForGood #SMBs #PodcastClip #CyberThreats #BusinessSecurity
Cybersecurity for Main Street: Dan Candee on Protecting Small Businesses | CEO of Cork Protection
SMB Cyber Threats - In this episode of the Cyber Insurance News Podcast, host Martin Hinton talks with Dan Candee, CEO of Cork Protection, about the rising tide of cyber threats targeting small and mid-sized businesses (SMBs). Dan shares his journey from Main Street entrepreneur to cybersecurity leader, offering real-world insight into the threat landscape, financial vulnerabilities, and how AI and managed service providers (MSPs) can help fortify business resilience.

We explore:
• Why Main Street is more vulnerable than Wall Street
• Common SMB cybersecurity blind spots (like ACH fraud)
• The evolving role of managed service providers
• How Cork Protection blends cybersecurity and cyber insurance
• Real-world attack case studies and practical advice for SMBs

Whether you’re a small business owner, MSP, or cyber pro, this episode unpacks how to prepare, prevent, and protect your organization in today’s digital world.

📌 Topics: cybersecurity, cyber insurance, social engineering, SMB protection, ransomware, AI in security, MSPs

🎙 Guest: Dan Candee, CEO of Cork Protection
📢 Host: Martin Hinton, Executive Editor, Cyber Insurance News

👉 Don’t forget to like, comment, and subscribe for more insights on cyber insurance and digital defense!

#CyberSecurity #CyberInsurance #SMB #AI #CyberPodcast #BusinessResilience #smallbusiness #sme
00:00 Introduction - Dan Candee and Cork Protection
02:27 The Importance of Cybersecurity for Small Businesses
05:29 Understanding Cyber Threats and Their Impact
08:26 The Role of Managed Service Providers in Cybersecurity
11:24 24Financial Protection and Cyber Insurance Solutions
14:01 Leveraging AI in Cybersecurity
16:53 Navigating Cyber Insurance Policies
19:56 Empowering Small Businesses with Knowledge
21:52 The Future of Cybersecurity and Community Resilience
26:05 MSP/ MSSP The Lingo decoded
29:05 Finals Thoughts and a bit of Hope!
SMBs Are Cyber Targets | Dan Candee on Cyber Resilience & AI | Cyber Insurance News Podcast EP#6
Cyberattack on Small Business is on the rise—and AI is making it worse. In this episode of the Cyber Insurance News Podcast, host Martin Hinton sits down with William Altman of CyberCube to unpack how AI is enabling threat actors to more efficiently target and exploit small businesses.

🔐 From credential stuffing to brute force attacks, William explains how cybercriminals use AI to bypass login portals and MFA solutions—putting millions of small business owners at risk.

🎙️ Timestamps:
0:00 - Introduction
6:26 - William Altman on AI and threat actors
6:50 - Credential stuffing, brute force & reused credentials
10:00 - What small businesses can do right now
14:20 - The future of AI in cybercrime

🎧 Don’t miss this crucial update on the cybersecurity landscape for small businesses. Subscribe and stay informed.

#cyberattack #smallbusiness #AI #cybersecurity #CyberCube
Cyberattack on Small Business: How AI Supercharges Cyber Threats | William Altman @CyberCube"
Load More... Subscribe

Categories

  • 8-K
  • AI & Cyber Insurance
  • AI & Cybersecurity
  • Critical Infrastructure cyber insurance and security
  • Cyber Cat Bonds/Cyber Catastrophe Bonds
  • Cyber Insurance
  • Cyber Insurance APAC
  • Cyber Insurance Best Practices
  • Cyber Insurance Captive
  • Cyber Insurance Carriers & Brokers
  • Cyber Insurance Claims
  • Cyber Insurance EU
  • Cyber Insurance Financial Institutions
  • Cyber Insurance for Government
  • Cyber Insurance for Healthcare
  • Cyber Insurance for Schools
  • Cyber Insurance for SMEs/SMBs
  • Cyber Insurance For Startups
  • Cyber Insurance for Utilities
  • Cyber Insurance Geographic Markets
  • Cyber Insurance Industry Groups
  • Cyber Insurance Investments and M&A
  • Cyber Insurance Jobs
  • Cyber Insurance Laws & Regulations
  • Cyber Insurance Litigation
  • Cyber Insurance Market Size
  • Cyber Insurance MENA
  • Cyber Insurance News & Information Podcst
  • Cyber Insurance People
  • Cyber Insurance Policies & Strategies
  • Cyber Insurance Premiums
  • Cyber Insurance Reports
  • Cyber Insurance Settlements
  • Cyber Insurance Sunday – Upload
  • Cyber Insurance Systemic Risks
  • Cyber Insurance Tech
  • Cyber Insurance Threats
  • Cyber Insurance UK
  • Cyber Insurance Underwriting
  • Cyber Insurance Wholesaler
  • Cyber Regulations
  • Cyber War Exclusions
  • Cybersecurity
  • Cybersecurity and Credit Ratings
  • Cybersecurity for SMBs
  • Cybersecurity in Education
  • Cybersecurity Investment
  • cybersecurity jobs
  • cybersecurity M&A
  • Cybersecurity people
  • Cybersecurity Report
  • Cybersecurity Training
  • Department of Homeland Security
  • EU Cybersecurity
  • Insurance Linked Securities/ILS
  • Insurance Loss Warranty contract/ILW
  • Managed Service Providers
  • National Association of Insurance Commissioners' (NAIC) model cybersecurity law
  • Non-criminal Claims/Non-Malicious Claims
  • Opinion/Commentary
  • Personal Cyber Insurance
  • Personal CyberSecurity
  • Ransomware Insurance
  • Reinsurance
  • Risk Modeling
  • SEC Cyber Disclosure Rule
  • Small Business
  • Supply Chain Cybersecurity And Insurance

Send Ideas, Requests & Comments




    Tags

    AI Artificial Intelligence At-Bay Beazley CFC Chubb Cloud Security Coalition Corvus Cowbell Cowbell Cyber crowdstrike cyber attack Cybercrime CyberCube cyber insurace cyber insurance cyberinsurance cyber insurance for small businesses Cyber Insurance Market Cyber liability Insruance cyber liability insurance cyberliabilityinsurance Cyber Resilience Cyber Risk Cyber Risk Management Cybersecurity cyber security cybersecurity insurance Cyber threats Data Breach Data Breaches Howden Lloyds Marsh Microsoft personal cyber insurance phishing Ransomware Ransomware Insurance reinsurance Resilience Risk Management SecurityScorecard small business
    • Cyber Insurance Books
    • Cyber Insurance Reports & Documents
    • Cyber Insurance Acronyms/Terms
    • Cyber Insurance Companies: Carriers, Brokers & Vendors
    • Industry Response: Potential Federal Insurance Response to Catastrophic Cyber Incidents
    • Ransomware Insurance
    • How Much Is Cyber Insurance?
    • Considerations for Buying Cyber Insurance
    • Cyber Liability Insurance Near Me
    • Cyber Insurance Quote
    • Newsletter
    • Legal Analysis & Full Text of 2023 SEC Rule: Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure
    • Glossary
    • About Cyber Insurance News
    • Privacy Policy

    • Solutions for Healthcare Organizations Seeking or Maintaining Cyber Insurance  Cyber Insurance Best Practices
    • Cyber Security Claims Increasing this Year & So is Complexity of Attacks: Allianz Cyber Insurance
    • Can Microsoft Exchange Server Be A “Pre-Existing Condition” For Cyber Insurers?   Cyber Insurance
    • Use Microsoft 365 and Get Cyber Insurance Discount; Tech Companies Team with Cybersecurity Insurance Providers  Cyber Insurance Best Practices
    • 2023 Could See First Cyber “144a Cat Bond:” CyberCube  Cyber Insurance Carriers & Brokers
    • Damn the Cyber Torpedoes; Astaara Offers Maritime Cyber Insurance with No Terrorism Exclusion  Cyber Insurance
    • Argus Cyber Security Launches Detroit Lab to Bolster Automotive Cyber Defense Cybersecurity
    • Keepit Ransomware Seminar Emphasizes Continuous Learning in Cybersecurity and Insurance Amid Growing Threats Cybersecurity

    Related Cybersecurity Sites

    http://www.whatiscyberliability.com

    https://www.whatiscyberinsurance.com

    http://www.ddosattacktutorial.com

    http://www.ransomwareremovaltool.com

    Our Privacy Policy: https://cyberinsurancenews.org/privacy-policy/

    Copyright © 2024 Cyber Insurance News.

    Powered by PressBook Premium theme