Security requirement for Xero & MYOB (2FA)
Soon Xero and MYOB will make it compulsory to enable the 2 factor authentication on anyone that has a log in. The main reason for this is cyber security but also a requirement from the Australian Taxation Office that software providers that connect to the ATO have this in place.
Xero reported that 978 million people in 20 countries were affected by cybercrime in 2017 and one in four small business experienced a cyber-attack or hacking attempt in New Zealand and Australia. These are scary statistics! Having 2 factor authentication enabled on your account makes it significantly harder for someone to access your data.
The 2 factor authentication works with your smart phone. By downloading the google authenticator app ,this will generate a 6 digit code for you to put in when you log in to your account. This code changes every 60 seconds. So hackers will need your password and your mobile phone to be able to access your account.
If you don’t have a mobile phone there are other desktop versions of the google authenticator that you can download like “Authy” that allow you to set up the 2 factor authentication on your file. It is recommended that you have the authenticator on a different device to the one you use to log into Xero, if possible.
If you don’t have your phone with you, you can still log in to Xero using the secret questions or MYOB using an email alternative where the code is emailed to you, however it is recommended using theses alternatives only when you don’t have your smart phone and not regularly.
If you have any questions or need help setting up this extra security feature there are step by step instructions on the Xero and MYOB websites.
The Money Edge | Bundaberg