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ATO provides cyber security tips for SMSFs

In the wake of the recent Optus cyber attack, the ATO and Australian Cyber Security Centre has outlined some important steps to help trustees keep their data safe.

 

Following the recent Optus data breach which saw the personal information of 10,000 customers exposed, the ATO said the Australian Cyber Security Centre (ACSC) will be sharing guides and resources that will help individuals protect their information from cyber criminals.

In an online update, the ATO warned that cyber criminals hack devices by using known weaknesses in systems or apps.

“Check your devices for updates, and turn on automatic updates so that future updates are made straight away when charging and in Wi-Fi,” the ATO advised.

The ATO said individuals should also ensure they’re using multi-factor authentication.

“Multi-factor authentication (MFA) is a security measure that requires at least 2 proofs of identity to grant access. MFA options can include a physical token, random pin or fingerprint,” it stated.

“Using MFA significantly boosts your protection against criminals. While they might manage to steal one proof of identity, like your password, they will be locked out of your account without the other.”

The ATO said it is also important to back up data by saving copies of files on an external storage device or an online server like the cloud.

“It means you can restore your important information if something goes wrong. Setting up automatic backups in your system or application settings will give you peace of mind,” said the Tax Office.

For more detailed guidance and to find out more about the latest cyber threats, individuals and SMSF trustees can visit cyber.gov.au, the ATO said.

 

 

By Legal
28 September 2022
smsfadviser.com

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Louise Laing

Louise founded Salus Private Wealth to offer high quality personal advice to clients who want to work closely with an adviser for the long term. Her philosophy that understanding each individual and their motivations and needs is key to an enduring and successful financial planning relationship is at the heart of the business.

She first engaged the services of a financial adviser herself when she was in her early 20s (long before becoming one) and believes the non-judgemental support and education about her position and options provided at this early stage has allowed her to make confident decisions in different aspects of life since then.

This confidence and positivity in making choices, financial or not, is what she wants to give to her clients.

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Superannuation is one of the largest and longest duration investments most people in Australia have, making it a critical part of long-term planning even if retirement feels like a distant objective. For those in the lead into retirement, we design strategies so you have peace of mind that when you start to draw on your retirement savings, you have liquidity and stability to support that.

Legislation and rules are changed regularly, so advice can help you take advantage of opportunities to build for the future. We are authorised to provide advice on and to SMSFs.

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The Trustee for Laing Weaver Family Trust T/A Salus Private Wealth (Corporate Authorised Representative No. 1305571) and all our advisers are Authorised Representatives of Finchley & Kent Pty Ltd, Australian Financial Services Licence No. 555169, ABN 50 673 291 079, and has its registered office at Level 63, 25 Martin Place, Sydney NSW 2000.

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