Online security breaches happen every day, all around the world. It’s a fact of life, as we move things online and to the cloud, efficiency increases but so does the possibility of falling victim to fraud. Webber Insurance Services has compiled a list of Australian companies that have had data breaches in 2018 and 2019. They’re big names, close to home. When it comes to online security the best offense is a good defense. The Australian Taxation Office made changes to the Operational Framework for Digital Service Providers, making Multi-Factor Authentication (MFA) mandatory “where users potentially have access to large volumes of taxpayer or superannuation related information”.
Programs that digitally connect to the ATO, such as MYOB, Xero, BGL, Class, etc, had to meet these security standards by 30 September, 2018. MFA means that during the login process, after entering your username and password, you are also required to enter an additional code (or scan a QR code) that is sent via a preferred Authenticator App, SMS, or Email.
This security measure is not mandatory for Cloudoffis users, however, following the changes in the FinTech space, Cloudoffis has recognized MFA requirements as a best practice method. Moreover, because of the mandatory changes to our integration software application partners, like BGL, Class Super, and Supermate, Cloudoffis users will be required to complete an MFA when connecting to partner systems.
These added layers of security turn trust from something implicit, to something we carry out in our day-to-day operation of systems such as these. Cloudoffis, is part of a network of systems all committed to making SMSF compliance an efficient and enjoyable process for all parties involved. That said, we have a responsibility to each other to make sure every system feeding back into this network is as secure as possible. These added layers of security can incite groans and grumbles from users who say productivity will suffer, however, innovative solutions are available especially designed to combat this.
Platforms like Practice Protect, digitally secure accounting firms through one secure login to all cloud applications that can be tracked and restricted to specific locations, as well as applied firm-wide. Practice Protect has identified that “it is far easier to trick than hack”; 67% of data breaches in 2018 were due to human error or passwords being compromised. All in all, like Cloudoffis, every good platform will help you perform better and create capacity, but we’re happy to be further aligned now with the ethos of helping our industry users reduce risk, maintain control of operations and strengthen trust with clients – all whilst consistently providing greater efficiency.
It’s amazing in FinTech, when we all work together, the security and efficiency we can achieve for our users are phenomenal. To learn more about Cloudoffis and becoming efficient, whilst maintaining consistency, with your audit automation, reach out today using the form below.