The news that has just come out regarding hackers targeting pension accounts in major super funds AustralianSuper, REST, Hostplus, Australian Retirement Trust and MLC is an unsettling reminder of the importance of understanding cybersecurity.
Even in SMSFs, trustees need to be aware of the risks involved with any online transaction, from banking to share trading to reporting.
As an auditor I don’t place reliance on data feeds or reports without some form of underlying evidence to support the transactions, which is why I may come back to ask you for more information even after the financial report and tax returns have been prepared by your accountant.
This news also reminds us of the need to carefully check bank and other statements for personal as well as SMSF transactions as they are received, rather than waiting until year end.
There are a number of sources of information about tips for cybersecurity protection that can be found online by googling SMSF trustee cybersecurity, including the ATO website.
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Be cyber safe out there!