Is your password the only thing standing between you and an online criminal?

If you choose not to employ an additional method of account security, your information could be at risk. Scammers often use malware, phony websites, and other methods to crack a password.

Simple Tips for Staying Safe Online

There are many simple steps you can take to limit your exposure and increase your online security.

Install security software to scan and quarantine viruses.
Turn on automatic updates so your systems are always running the latest programs.
Regularly backup information stored on your computer.
Choose a strong password.
Do not use the same passwords across multiple sites.
Do not share your login details. Each user in your organisation should have their own account so there’s an audit trail of access and data changes.
Regularly check your login history to make sure your account is secure.
Stop and think before you click on links and attachments.
Stop and think before you share personal and financial information.
Use Two-Factor Authentication (where available).

What is Two-Factor Authentication?

Two Factor Authentication adds an additional layer of security by combining:

Something you know, i.e. your username and password.
With something you have. For example:
- An app on your mobile phone which creates a code.
- A banking token which generates an authorisation number.
- Text message sent to your linked mobile number with an authorisation code.

You will need the authentication code each time you sign in (or some providers allow every 30 days if you’ve previously selected ‘Remember me for 30 days’).

If you can’t access your device, you can generally still log in using backup security questions.

Two-step authentication applies to the individual user level, not organisation-wide.

Why is Two-Factor Authentication Important?

While it does require an extra step, it provides you with a much stronger deference against online hackers. If hackers manage to obtain your password, they still cannot gain access without the second level of authentication. This makes you a less likely target of online scammers.

Accounting Software

As a business owner, you are most likely keeping your business’s financial data via an online software program such as Xero, MYOB or Quickbooks online. Each of these software providers offer two factor authentications and it is very easy to setup and use.

You will need to install an authenticator app on your phone and link this with your account. Every user in your organisation will need to set up the two-step authentication individually. These links detail the steps you will need to take to enable this additional security measure:

Further help:

Are you still left wondering whether you’re doing the right thing? Contact Marsh & Partners if you require assistance setting up two factor authentication for your accounting software. You can speak to our team on 07 3023 4800 or contact us at mail@marshpartners.com.au.

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