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, the ATO said.



By Legal
28 September 2022

More Articles

Why crypto treads an uncertain path through tax minefield

The taxation of digital assets used for lending and borrowing would benefit from clear-sighted...

Read full article

Wheat Production by Country

Check out the countries that produce the most...

Read full article

Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’

Following years of mixed messaging, Labor has bowed to economic pressure and announced changes to its stage...

Read full article

Investment and economic outlook, January 2024

Region-by-region economic outlook and latest forecasts for investment returns. . What might shipping...

Read full article

Quarterly reporting regime means communication now paramount: expert

Communication between SMSF trustees, accountants and advisers is more crucial than ever with the quarterly...

Read full article

Four timeless principles for investing success

Investing success can mean different things to different people. Being clear on what success means for you is...

Read full article

Plan now to take advantage of 5-year carry forward rule: expert

This is the last year that the five-year catch-up contribution rules for concessional contributions can be...

Read full article

Super literacy low for cash-strapped

Financial literacy around superannuation is poor for many lower-income people, who still question why they...

Read full article

Sofie Korac is an Authorised Representative (No. 400164) of Prudentia Financial Planning Pty Ltd, AFSL 544118 and a member of the Association of Financial Advisers.

Financial Advice Sydney and the North Shore Office based in Gordon NSW

Financial Services Guide - Disclaimer & Privacy Policy