CRS Data Breached in Bulgarian Tax Agency Hack

In July, a major hack of Bulgarian National Revenue Agency databases involved financial account information shared among countries under the Organization for Economic Cooperation and Development common reporting standard. This breach compromised personal, tax and social security information of about four million Bulgarian citizens. This was the first leak of its kind under the common reporting standard and it emphasizes how difficult it is to protect data in this day and age.

Tax Attorney Kevin Packman commented on the severity of this data leak. "The Bulgarian issue is going to heighten alarm bells across the globe," said Mr. Packman. "There is a push for transparency by governments, and yet taxpayers need to know that their information will be held confidentially."

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