What are the security concerns regarding third-party entities accessing IRS tax data?

When Americans file taxes, they provide sensitive information to the IRS for purposes like receiving direct deposits. The primary concern is what non-government entities might do with this personal data if they gain access to it. There are two main security risks highlighted: either these entities could misuse the information directly, or they might lack adequate security measures, making them vulnerable to hacking by other parties. This raises significant privacy and data protection concerns, especially when sensitive financial details and personal identifiers are involved.