MSC R&D is delighted to announce that it has gained the prestigious ISO 27001:2022 certification, the gold standard in information security management.
Achieving ISO 27001:2022 demonstrates that MSC R&D not only has a strong commitment to data protection and risk management – which is essential for R&D Tax Credit advisors handling confidential client information – but it holds information security at the heart of its culture.
The Importance of Data Security in R&D Tax Credit Services.
In the R&D Tax Credit advisor market, data and information security is one area that is often neglected when negotiating and discussing R&D Tax Credit engagement with prospects.
This is a huge oversight on behalf of R&D claimants as there is an assumption that their data and information will be kept confidential between the two parties. However, this may be about to change as awareness of cybersecurity risks becomes more acute.
According to global consulting firm Protiviti’s 2024 Global Finance Trends Survey, 61% of finance leaders and professionals now prioritise the security and privacy of data, especially when shared with external partners. This includes ensuring that third-party vendors adhere to stringent data protection standards to prevent data breaches and unauthorised access. This growing awareness is driving CFOs to scrutinise how external advisors, including R&D Tax Credit consultants, manage their data.
It is commonplace for R&D claimants to supply previous claim documents to new prospective R&D advisors before, or as part of negotiating commercial terms, and it is natural for an advisor to want to see the previous year’s claim submission.
Most R&D advisors have seen dozens of claims prepared by all the main R&D specialist companies, along with smaller outfits and accountancy practices. Whilst it would be sensible for the company to enter into a mutual non-disclosure agreement with the advisor, this rarely happens in practice and, as a result, highly confidential R&D claim reports are flying around the ether with no certainty that the results won’t be distributed far and wide.
Risks Of R&D Claim Data Sharing
Confidential documents that are often widely shared can include diagrams of system architectures, details of highly confidential R&D plans, including technical objectives and technical advances being sought, details of employee names and salaries and other R&D project costs.
Another concern relates to specialist R&D personnel who may be working on a claim. Often these may be employees using company equipment (laptops etc) or they may be contractors or consultants who are using their own IT equipment. Strong measures in this instance are vital to the protection of confidential information, something MSC R&D incorporates into all working practices.
There have been instances where consultants have used one company’s R&D claim document as a template and subsequently re-used it for another company’s claims with commercially sensitive information still contained within the documentation and this has been passed over to an entirely different claimant.
There is no guarantee that even an employee using a company laptop is safe, an employee may connect to an insecure Wi-Fi system used in a public area such as a coffee shop and personal email accounts may be used to send reports and information, all of which adds up to a significant potential security problem.
MSC R&D’s Commitment To Data Protection
MSC R&D incorporates comprehensive data protection measures into all aspects of its operations. Whether working with in-house teams or external contractors, MSC R&D ensures that ISO 27001:2022-compliant protocols safeguard client information from unauthorised access or breaches.
Rufus Meakin who is an associate of MSC R&D stated “It is baffling how most companies procuring R&D Tax Credit services completely fail to consider the security issues around their confidential information being put out in the open and will happily supply whatever they are asked for, without question.”
With MSC R&D achieving the most recognised and comprehensive standard for information security management, clients can rest easy knowing that their confidential data is held to the most stringent security measures.
Why Choose MSC R&D
For businesses seeking R&D Tax Credit advisory services, selecting a provider with proven expertise in information security is essential. MSC R&D’s certification demonstrates not only its technical proficiency but also its dedication to safeguarding the confidentiality and integrity of client data.
Trust MSC R&D—the gold standard in secure, professional R&D Tax Credit advisory services. Contact us here.
