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SMSF firms warned on ‘weak points’ with cyber security

Ron Lesh
By Miranda Brownlee
04 May 2022 — 1 minute read

An SMSF software provider has provided a range of practical tips on how SMSF firms can protect themselves from cyber attacks.

Speaking in a recent panel discussion, BGL managing director Ron Lesh explained that firms need to adopt a multifaceted approach when addressing cyber security, which will entail a wide range of different things.

One of the starting points, said Mr Lesh, is to ensure the business is running the most up-to-date versions of software and avoid using external Wi-Fi networks.

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“There are weak points in the system, and public Wi-Fi networks are probably the weakest,” warned Mr Lesh.

“It’s also a matter of having apps that are well designed and secure and keeping an eye on which ones get hacked and making sure you get updated.”

Updating passwords regularly is also an important part of protecting against cyber attacks, he added.  

“Use statements as passwords, not names, places and dates of birth. [You should also use] two-factor authentication,” he recommended.

Any firms that don’t already have cyber insurance should strongly consider getting it, he said.

“If you don’t have it, you should, and you should have cyber and professional indemnity insurance together because having them separate could be a problem if there is a claim,” he warned.

Mr Lesh said it is also vital that staff receive training on cyber security.

“If you’re not training your staff, get online and sign up for someone to come and train your staff because they’re your weakest link – them clicking on a link is the weakest list link of your organisation,” he warned.

SMSF firms warned on ‘weak points’ with cyber security
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Miranda Brownlee

Miranda Brownlee

Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.

Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.

You can email Miranda on: [email protected]momentummedia.com.au
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