Tax delays and canceled home sales: The costly ripple effects of today's cyber-attacks
On May 7, accounting software company Wolters Kluwer faced devastating malware attack, shutting off service and panicking manyAs CNBC reported, some accountants worried they were going to have to file returns by hand. The IRS eventually extended the deadline an unprecedented seven days.
"I think anybody that tells you now they think they know in some actuarial way either what [the] general experience is like in the future, or what the worst case can be, is kidding themselves,""Most Americans are well aware of the rampant nature of breaches in our society today," said Paul Ferrillo, a cybersecurity partner with law firm Greenberg Traurig.
While the IRS could not provide estimates as to how much the delay would cost, May filers were given seven additional days -- to May 22 -- to finish their returns, pay penalties and late fees, according to the agency and accountants who said they received instructions on how to file late. "We're back online and we filed, but we're definitely still feeling it, and will for weeks. I'm totally backed up," said one accountant from a big-four firm, who wished to remain anonymous because he was not authorized to speak to the press. "I've never seen anything like it. It's still all we talk about. It just wiped out a week of productivity."In Baltimore, the technology outage shut down many critical systems.
The stopgap measure -- and there's still no telling how long the gap will be, according to the mayor's office -- was meant to offer some legal protections to home buyers stuck in limbo. And they're only increasing. According to research from cybersecurity company Malwarebytes Labs, after seeing a lull in 2018, ransomware attacks have surged again and are up 500% from this time last year.
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