Data Security

For us at Minnik Integrated Financial Solutions your data security is our top priority. Being a modern cloud-based accountancy firm, we are always on the pulse with technological developments and aware of the raising risks of cybercrime. We recently engaged the Cloud Security experts Practice Protect to make sure that all your sensitive data is safe and secure 24/7.

Here are some facts on why data security has to be a top priority for every accountancy firm. TFN (Tax File Number) fraud has doubled year-on-year since 2012, 500 TFN hacks occur every day in Australia and soon with mandatory breach legislation passing through the Senate every accountancy firm’s responsibilities to their clients as their financial data custodian are going to the next level. We at Minnik won’t wait until something happens; therefore, we have set the needed security measures in place already. Here is an example of why this is so important.

In a recent case, the personal and financial details of one thousand six hundred individuals were stolen from a Melbourne Accounting firm in a near door-closing chain of events which shocked the industry.

If fraudsters get passwords to sensitive data, they could also:

• Steal Tax File Numbers
• Open false bank accounts
• Submit fake tax returns
• Assume your identity and impersonate you online
• Target your clients with inside information about their situation

There are several alleys hackers make use off to gain data excess. In some cases, it could be even staff who types passwords on computers infected with spyware or ex-staff that target clients without the firm knowing because they still have backdoor access or someone online who can get up to $500 a pop for TFNs from overseas fraudsters.

If an accountancy firm doesn’t address this potential threat immediately, the client’s data is at risk and so would be the reputation of the accountancy firm, in case the worst-case scenario takes place and data gets stolen or sold. Smaller accountancy firms often don’t know about those risks and take cloud safety for granted. Well, the cloud is only secure as long as all the passwords are inaccessible to hackers, fraudsters or anybody else how is not supposed to know them. But how to make all the passwords secure?

Solving this problem isn’t hard, and our answer to ensure your data is 100% safe is Practice Protect. Practice Protect is powerful cloud security software built specifically for accountants. This product provides us with secure password management, enabling complete control over access to cloud data, protecting our clients from online scams and presenting a safeguard against TFN hacking. We at Minnik embrace the latest technology to ensure your data is safe in the cloud. Our choice for online data security is Practice Protect.

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