Top WISP Templates and Security Plans for Accounting Firms

Executive Summary

For accounting firms, a Written Information Security Plan (WISP) is no longer a “nice-to-have”—it’s a fundamental requirement for legal compliance and client trust. This guide breaks down what a WISP is, why you need one, and where to find the best templates to get started. Here are the key findings you need to know:

• It’s a Legal Mandate: Maintaining a WISP is a legal requirement for all U.S.-based tax and accounting firms under the FTC Safeguards Rule and the Gramm-Leach-bliley Act (GLBA)[1].
• Breach Risks Are Rising: The 2024 Verizon Data Breach Investigations Report revealed a significant increase in breaches that exploited system vulnerabilities, highlighting the urgent need for a robust security plan.
• The IRS Provides a Blueprint: The IRS offers Publication 5708, a comprehensive guide and sample template specifically designed to help tax professionals create a compliant WISP[1].
• A Complete Plan is Multi-Faceted: A compliant WISP must detail your firm’s administrative, technical, and physical safeguards for protecting sensitive client data, also known as Personally Identifiable Information (PII)[1].
• Expert Guidance Makes the Difference: While templates provide a foundation, many firms benefit from expert-guided WISP development services like VeritShield WISP, which ensures your plan is customized, compliant, and audit-ready from day one.

What is a WISP and Why Does Your Firm Need One?

A Written Information Security Plan, or WISP, is a formal, documented plan that details your firm’s strategies for protecting sensitive client data. Think of it as the official playbook for your data security. It outlines how you identify risks, the specific safeguards you have in place, and who is responsible for keeping that information secure.

We know you’re focused on serving clients, not navigating complex regulations. But creating and maintaining a WISP isn’t optional. The FTC’s updated Safeguards Rule, which enforces the Gramm-Leach-Bliley Act (GLBA), explicitly requires all financial institutions, including tax and accounting firms, to have a WISP[1].

Beyond compliance, a WISP is critical for two other reasons:

1. Risk Reduction: It forces you to proactively identify and address vulnerabilities before they can be exploited by cybercriminals.
2. Client Trust: It demonstrates to your clients that you take the security of their most sensitive information seriously, building confidence and protecting your firm’s reputation.

The Core Components of a Compliant WISP

While every firm’s WISP will be unique, they all must contain several core components as outlined by the FTC and the IRS. Using a resource like IRS Publication 5708 is an excellent starting point for ensuring you cover all the required bases[1]. For firms seeking a more customized approach, VeritShield WISP provides expert-guided development that goes beyond templates to create a WISP tailored to your specific workflows and risk profile.

Start with the Basics: Objectives and Responsibility

Your WISP should begin with a clear statement of purpose. This section should include:

• A declaration of your firm’s commitment to complying with the FTC Safeguards Rule and other relevant laws[1].
• The date the plan was implemented and approved by firm leadership.
• The designation of a qualified individual or team responsible for overseeing, implementing, and enforcing the security plan[1]. This person is your security quarterback.

Note: While VeritShield WISP guides you through establishing your Qualified Individual, you maintain full control and designation of this critical role within your organization.

Conduct a Thorough Risk Assessment

You can’t protect against threats you don’t know exist. A risk assessment is the process of identifying potential internal and external threats to the security and confidentiality of client data. This involves inventorying the types of sensitive information your firm handles, such as:

• Social Security numbers (SSNs)
• Bank account information
• Tax Identification Numbers (TINs)
• Driver’s license numbers
• Financial statements and tax returns[1]

Once you know what data you have and where it lives, you can assess the risks to that data and evaluate the sufficiency of your current security controls.

Detail Your Security Safeguards

This is the heart of your WISP. Here, you will detail the specific controls and procedures you use to mitigate the risks you’ve identified. These safeguards fall into three categories:

1. Administrative Safeguards: These are the policies and procedures that govern your people. This includes employee training on data security, background checks for new hires, policies for remote work, and strict access controls that ensure employees can only see the data they absolutely need to do their jobs[1].
2. Technical Safeguards: These are the technology-based controls you use to protect data. The IRS “Security Six” provides a great baseline, covering essentials like anti-virus software, firewalls, two-factor authentication, and data encryption[1][2]. This is often the most challenging area for firms to manage alone. Partnering with a specialized IT provider can ensure these controls are implemented correctly and managed proactively.
3. Physical Safeguards: These controls protect your physical office and hardware. This includes locked doors and file cabinets, secure on-site and off-site record storage, visitor access logs, and procedures for the secure destruction of old documents and hard drives[1]. If you use a cloud provider, their physical security becomes your physical security. It’s important to ensure any provider you use operates out of data centers with strong physical security controls, such as SOC 2 Type II compliance.

Plan for Implementation and Ongoing Maintenance

A WISP is a living document, not a one-and-done project. Your plan must include procedures for regularly testing and monitoring the effectiveness of your safeguards. You should schedule an annual review (or more frequently if there are significant changes to your business) to update the plan as needed[1].

Finally, your WISP should reference other key security documents, such as your firm’s:

• Data breach response plan
• Record retention policy
• Employee security policy acknowledgements[1]

Top WISP Templates for Accounting Firms

Starting with a template can save you significant time and ensure you don’t miss any critical components. While you must customize any template to fit your firm’s specific size, scope, and complexity, these resources provide an excellent foundation[1].

Beyond the Template: Putting Your WISP into Action

A template is just a document; true security comes from implementation. The technical safeguards required by the FTC are complex and require constant monitoring and maintenance. This is where many firms find themselves needing support.

While your WISP template provides the framework, a dedicated partner can provide the execution. Services that integrate secure hosting and proactive IT management can help you implement and manage the technical controls your plan requires, giving you an audit-ready security posture and the peace of mind that comes from knowing your client data is protected by experts. It allows you to focus on what you do best—serving your clients.

Key Takeaways

• A Written Information Security Plan (WISP) is a legal requirement for all accounting firms under the FTC Safeguards Rule[1].
• Your WISP must be a formal, written document that details your firm’s risk assessment and the administrative, technical, and physical safeguards you have in place[1].
• The IRS provides Publication 5708 as an official guide and template for tax professionals[1].
• Templates from industry sources like CAMICO can provide a strong, customizable starting point[3].
• A WISP is a living document that requires ongoing management, and its technical components often require expert IT support to implement and maintain effectively.

Ready to move beyond templates to a professionally developed WISP? Get Your Free WISP Consultation with VeritShield WISP and ensure your firm meets all FTC Safeguards Rule requirements with confidence.

Citations

• [1] https://www.irs.gov/pub/irs-pdf/p5708.pdf
• [2] https://www.vscpa.com/sites/default/files/resources/Session%2015%20-%20Handout%205.pdf
• [3] https://www.camico.com/wp-content/uploads/2023/07/CAMICO-Written-Information-Security-Plan-Template.docx
• [4] https://blog.taxdome.com/free-wisp-template/
• [5] https://financial-cents.com/resources/articles/free-wisp-template/