By Andrew Zietara – Product Manager – Advice, Midwinter
In today’s data-driven environment, effective security measures are vital for compliance and maintaining client trust. As a user of AdviceOS, you hold your clients’ Personally Identifiable Information (PII), making your role in data protection crucial.
Understanding Your Responsibilities
Under the Australian Privacy Act, businesses must take reasonable steps to safeguard personal data. Failure to comply can lead to significant consequences, including legal penalties, reputational damage, and operational disruption. A data breach not only erodes client trust but can also result in professional indemnity claims if negligence is involved.
Building a Strong Security Posture
We recommend you consider the following ten areas to help ensure you minimise security risk.
- Embrace Multi-Factor Authentication (MFA):
MFA adds an extra layer of security by requiring two or more verification methods to access your account (e.g., password, smartphone, fingerprint). By enabling MFA, even if passwords are compromised, unauthorised access remains difficult. Midwinter has made MFA compulsory for all users from July this year.
- Avoid Password Recycling:
Using the same password across multiple accounts is like using the same key for your house, car, and office. If one account is breached, all others become vulnerable. Create unique passwords for each account to contain potential security breaches.
- Leverage a Password Manager:
Remembering numerous complex passwords is challenging. A password manager securely stores all your passwords, allowing you to use strong, unique passwords for each account without the burden of memorisation. Many also offer password generation features to create robust passwords effortlessly.
- Craft Complex Passwords:
A strong password is essential. Aim for a minimum of 12 characters, combining uppercase and lowercase letters, numbers, and symbols. Avoid easily guessable information. Hive Systems publishes a table each year indicating the estimated time to breach different levels of password complexity. In 2024, they estimated that a 12-letter password with a mix of upper- and lower-case letters, numbers, and symbols would take 164 million years to crack.
- Never Share Your Credentials:
Keep your credentials private. Legitimate organisations will never ask for your full password. If access is necessary, use delegation features instead of sharing credentials.
- Keep Software and Systems Updated:
Regular updates are crucial for security. Enable automatic updates, promptly install security patches, and ensure all applications, especially antivirus software, are current. Replace outdated systems that no longer receive updates to protect against vulnerabilities.
- Use Encrypted Connections:
Always ensure secure connections when transmitting sensitive data. Use HTTPS for web transactions and VPNs for remote access. Additionally, encrypt sensitive data both in transit and at rest for further protection.
- Regular Backups:
Conduct regular backups to safeguard data from loss or ransomware attacks. Store backups securely (ideally off-site or in a separate cloud service) and test them regularly to ensure reliability.
- Educate Your Team:
Human error is often the leading cause of breaches. Regular training sessions can help your team recognise phishing attempts and other cyber threats. Establish clear security policies to foster a culture of vigilance.
- Ongoing Monitoring and Auditing:
Implement monitoring systems to detect unusual activities and conduct regular security audits. Prepare an incident response plan to address potential breaches.
By adopting these essential security practices, you’re not only protecting your clients’ information but also safeguarding your business’s reputation and integrity. A comprehensive approach to security is the best defence against potential threats.
Reach out HERE find out how you can better protect, and optimise, your practice using AdviceOS.
