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Bug in the System: A Look at the Wolters Kluwer Hack

Having problems with your Wolters Kluwer tax and accounting software? If you are, it may be due to the bug that has shown up in their system. But what kind of bug is it and how will it impact your business' ability to function? Here's a quick overview of the situation as it has developed and how it is being addressed.

Starting at about 8 AM Eastern on Monday, May 6, the company has not addressed what type of issue is causing the problems, but experts claim it has much in common with the 2017 attacks using NotPetya ransomware. The company's business accounting software serves the top 100 US accounting firms, 93% of all Fortune 500 companies and 90% of the top international banks. Tax, accounting and storage services have been impacted since the beginning of the crisis. The company has not commented on how many customers have been impacted due to the crisis.

Digital security specialists have commented with grave concerns about problems with accessing client data as well as the firm's overall cybersecurity. "We have a really close relationship with our customers, and we understand that this situation impacted their day-to-day work," said Elizabeth Queen, VP Risk Management for Wolters Kluwer. "We're working around the clock to restore service, and we want to provide them the assurance that we can restore service safely. We've made very good progress so far."

The company is working with authorities and third-party computer forensic scientists to investigate the issue. Queen reiterates that there has been no evidence to date of a breach of confidential data or customer data, or that customer IT assets have been infected in the process. With the malware's tendency to target communications systems, the company took those systems offline to prevent spreading the malware, making it hard for customers to contact them.

If your company is facing issues because of the Wolters Kluwer accounting software bug and you need help getting your information sorted out in time for upcoming tax filing deadlines or you're ready to switch accounting packages, AccountRely is ready to help. We have tax accounting professionals standing by to help you get past this point for your business. Please feel free to contact us today to get started.

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