Are you using a cloud-based accounting system such as Xero or MYOB AccountRight Live? You may need to know about multi-factor authentication – otherwise called “2 Factor Authentication” or 2FA.
2FA will be mandatory to meet new industry security standards by 1st July 2018.
With more and more of our business processes and regulatory reporting now being processed online, that is, data being transferred in the cloud to agencies such as Australian Taxation Office and various superannuation funds, it has become imperative that processes are implemented to improve the security by making it harder for unauthorised people to access your data. 2FA adds a second line of defence and keeps your data secure.
2FA is a secure sign-in process that combines your system access password with a code sent to an authentication app on your mobile device and is entered as part of your login process. 2FA is specific to your user account, not your file or business.
How does it work?
- You enter your email and password to login to your system
- You will be asked to enter a verification code. Retrieve the verification code that has been automatically generated just for you from an authenticator app on your phone (downloaded during the 2FA setup process)
- Enter the generated code displayed on the authentication app at the login page to your system.
The authentication login process includes an option to keep the authentication code for 30 days. This will allow you to login, on the same device for 30 days without having to enter a new verification code at each login. However, if you attempt to login to your system from another device during the 30 days, you will be asked to enter a new verification code.
Are you not yet using a cloud-based accounting system and not sure which system best suits your business needs? Contact us for a FREE evaluation and recommendation …… Any questions? We are here to help – Contact us! Call Elke on 0410 819 783 or email hello@miebs.com.au