With the start of a new financial year, most of us have been busy getting everything in order. While you are ticking off your financial housekeeping tasks, it is also worth taking a few moments to refresh your digital security and protect the information that matters most.
It is easy to overlook, but reviewing your passwords, security settings, and multi-factor authentication (MFA) is one of the most valuable things you can do to protect yourself as you step into the new financial year.
Small updates can make a big impact
As more of our financial and personal activities move online, taking a proactive approach to digital security has become increasingly important. Tax time is a peak period for scams, phishing emails, and identity theft attempts. With so much sensitive information being accessed online, a few simple security checks can go a long way towards keeping your accounts and personal information secure.
A weak password or an old login can make it easier for unauthorised users to access your accounts. Taking a few simple steps now can help safeguard your personal information and keep your digital security on track throughout the year.
Step 1: Review and update your passwords
If you are still using passwords you created years ago, or reusing the same one across multiple accounts, now is the perfect time to clean things up. Strong, unique passwords are the first line of defence against cybercrime.
- Use long, unique passwords for each account
- Avoid obvious choices like names, birthdays, or common words
- Try using a passphrase, a string of random words that is easy to remember but difficult to guess
- Consider a password manager to generate and store passwords securely
Think of this as part of your annual digital housekeeping. A small investment of time now can help keep your accounts secure and easier to manage throughout the year.
Keeping track of strong, unique passwords does not have to be difficult. Password manager apps are designed to do the heavy lifting for you. They securely store your passwords, generate strong ones, and even autofill them when you need to log in.
Some popular options include:
- LastPass
- 1Password
- Dashlane
- Bitwarden
Using one of these tools turns password management from a chore into a simple, reliable system. Many also include features like security alerts and password health checks, helping you identify opportunities to improve your online security and keep your accounts well protected.
Step 2: Turn on multi-factor authentication (MFA)
Adding MFA is one of the simplest ways to strengthen your account security. MFA adds an extra layer of protection by requiring a second form of verification, such as a code sent to your phone or generated by an authentication app.
Make sure MFA is enabled on your:
- Email accounts
- Banking and financial services
- Government portals
- Cloud storage and work systems
MFA provides an additional layer of protection and helps keep your account secure. It is one of the easiest and most effective ways to strengthen your online security.
Step 3: Do a quick account audit
The new financial year is the perfect time to review your online accounts, just as you would review your finances.
- Delete accounts you no longer use
- Check for unfamiliar logins or devices
- Update your recovery email and phone number
- Review which apps have access to your accounts
This simple audit ensures your digital footprint is tidy and that only the accounts you actively use are connected to your personal and financial information.
Step 4: Secure your devices
Your devices, including phones, tablets, and computers, are part of your financial toolkit. They should be included in your new financial year housekeeping routine.
- Keep your system and apps updated
- Use trusted security software
- Set up screen locks or biometric protection
- Use secure Wi-Fi networks where possible, particularly when accessing personal or financial information
Taking care of your devices helps keep both your accounts and personal information secure.
Next steps
A new financial year is all about getting organised and setting yourself up for success. While it is easy to focus solely on finances, your digital security deserves equal attention.
The good news is that improving your online security does not require a major investment of time. A few simple updates can help protect your information and give you greater confidence throughout the year ahead.
Make digital security part of your annual financial housekeeping routine and move into the new financial year with greater confidence and peace of mind.
Speak with your local Nexia Adviser today about practical ways to strengthen your digital security, helping you safeguard what matters most and move forward with confidence.
