Key Takeaways
- Companies that undertake R&D projects handle valuable and in some cases confidential information, making their data and intellectual property a target for cybercriminals. Data security is essential to the proper functioning of a company’s projects and ideas.
- It is ideal to have support from a provider or partner that understands the intricacies of tax credits and has a comprehensive understanding of IRS requirements for qualifying activities.
- Cybersecurity refers to the process of protecting an organization’s technology infrastructure from cyberattacks, and failure to do so can result in financial, reputational, and operational impacts.
- A comprehensive and practical approach is needed to ensure security without complicating workflows or delaying activities.
As an organization that develops Research and Development (R&D) projects, your company is probably always dealing with much information: that means your data and intellectual property are high-value targets and may be threatened by cyber actors searching to steal important knowledge, disrupt your R&D activities, alter or destroy information and stopping the ongoing growth of your research and discovery.
Data Security
Data security becomes even more important daily in a world where technology constantly changes and evolves. Also called cybersecurity, data security is the process of digitally securing an organization’s technological infrastructure, protecting it from possible cyberattacks, which can come from hackers, phishing, ransomware, or others.
The absence of good cybersecurity infrastructure exposes organizations and individuals to potential risks, which can have financial, reputational, and operational impacts. In its Global Risks Report 2024, the World Economic Forum identified cyber insecurity as one of the main risks faced by the global community.
Not all environments are the same; user requirements differ based on their roles and needs. Therefore, achieving a balance between effective security and innovation requires a comprehensive yet practical approach, which should avoid adding unnecessary complexity to workflows or slowing down daily activities.
Why does the right R&D Tax Credit Provider matter in the data security scenario?
R&D is not always an easy thing to deal with: that’s why it’s essential to have the support of a provider who utterly understands the complexities of tax credits and can guide your business through the entire process of identifying and maximizing the credit, guaranteeing the security of your business data.
Additionally, R&D tax credits fall under a specialized area of tax law, and not everyone has the necessary expertise to claim them effectively. Your tax provider should have a comprehensive understanding of the IRS requirements for assessing qualifying activities, as these credits apply differently across various industries.
It is also crucial to stay updated on changes in tax law, including recent IRS guidance, new forms, and any specific state regulations that may be applicable. It is of utmost importance to pay attention to the security offered by your potential credit provider and keep this requirement in mind when making your choice: keeping your data protected is essential to the smooth running of your projects and ideas, as well as the security of your R&D information.
FI Group can help you!
For us, your company’s security is also essential. That is why FI Group aims to provide highly secure and tailored processes to help companies finance innovation and guarantee the financial benefits for their Research and Development (R&D) activities through comprehensive management of R&D Tax Credits.
With over 1,400 qualified employees, including specialists from different fields, we are committed to supporting companies of all sizes and sectors of activity. With our expertise and commitment, FI Group experts can help your company identify activities and claim tax credits.