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.