We investigate electromagnetic (EM) scattering and plasmonic cloaking in a system composed of a dielectric cylinder coated with a magneto-optical shell. In the long-wavelength limit we demonstrate that the application of an external magnetic field can not only switch on and off the cloaking mechanism but also mitigate losses, as the absorption cross section is shown to drop sharply precisely at the cloaking operation frequency band. We also show that the angular distribution of the scattered radiation can be effectively controlled by applying an external magnetic field, allowing for a swift change in the scattering pattern. By demonstrating that these results are feasible with realistic, existing magneto-optical materials, such as graphene epitaxially grown on SiC, we suggest that magnetic fields could be used as effective, versatile external agents to tune plasmonic cloaks and to dynamically control EM scattering in an unprecedented way. We hope that these results may find use in disruptive photonic technologies.