A recent investigation by the Federal Tax Ombudsman (FTO) has uncovered a major cybersecurity breach that resulted in a tax fraud of Rs 14.66 billion. The breach allowed cybercriminals to exploit vulnerabilities in tax systems, facilitating fraudulent transactions amounting to Rs 81.43 billion.
The incident compromised sensitive taxpayer data, raising concerns about the adequacy of cybersecurity measures across public institutions. The breach comes at a time when tax authorities are facing challenges in meeting revenue targets, with only 43% of the monthly target achieved in the first 18 days of the month.
In response to the situation, directives have been issued to intensify efforts to recover outstanding taxes, ensure timely filing of sales tax returns, and monitor withholding agents to prevent further tax evasion.
This event highlights the growing importance of strengthening cybersecurity infrastructure to protect sensitive financial data and maintain trust in public systems. As cyber threats evolve, the incident serves as a reminder of the need for robust digital defenses to prevent potential financial losses and safeguard critical information.
Source: ARY News
