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Sole Traders – Why you need to worry about cyber security

Published On
25 February 2022
Business tips & insights

Being active online is a fundamental aspect of almost every Australian sole traders business, whether you market your services on your website, or if you operate an entirely virtual operation. Despite the many advantages that the net brings to our businesses, so too does it bring risks in how information is kept secure and protected.

Passwords provide the first line of defense against cyber crime, and that’s why you will often be asked to change them on a regular basis.

However, even the strongest password can be overcome by a determined hacker if it’s not protected with additional security measures.

Many people are not aware of the need to secure their passwords in order to stay safe. One in two people have given their password out, and one in eight have the same password for every site they use!

It’s time that we take more responsibility for our online safety by investing more into securing our passwords. Let’s explore why it’s important.

So where to start?

In the digital age, it is more important than ever to have a strong password. With so many of our personal details and private information being stored online, we must take every precaution possible to ensure that they are secure.

We want to share with you some simple tips you can take in order to keep yourself safe from hackers and other cybercriminals who would love nothing more than access your data for their own gain. Below, we take a look at some of the best advice to help you protect small business owners as they operate in an online landscape.

Use different passwords on different systems and accounts.

We all do it right? One password to rule them all. But when ‘Old Faithful’ is compromised, how will you secure your online assets and digital identity? Use different passwords for different systems and accounts. That way, if one password is compromised, the others remain safe.

You can even use a different password for each account on the same system! Just make sure you don’t use the same password for anything important.

Use a password manager.

A password manager is a software application that helps you store all of your passwords in a single location. This way, you only need to remember one password to access them all.

There are many different password managers available, both free and paid. Do some research and find one that best suits your needs, and don’t spend too much money.

Enable two-factor authentication.

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Two-factor authentication typically requires you to enter both your password and a randomly generated code or text that’s been sent to your phone or email. Many online services, such as Google and Facebook, offer two-factor authentication.

Two-factor authentication works because, even if a hacker has your password, they would still need access to your device in order to generate the code. This adds an additional layer of structure to your password security framework.

Choose a complicated password that you can easily remember, but hard for others to guess.

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Password complexity is important because the more complex your password is, the harder it is for a hacker to guess. Brute force password attacks can occur where cyber criminals use sophisticated algorithms to guess millions of password combinations in order to overcome and guess your password.

Use a password generator.

If you’re still struggling to come up with a strong password that is easy to remember, you can use a password generator. These tools can help you create passwords that are both strong and easy to remember.

There are many different password generators available online. Just enter the number of characters you want your password to be, and the generator will create a complex password for you.

Do not use passwords that are based on personal information that can be easily accessed or guessed.

Passwords that are built on personal information, such as your name, date of birth, address, or someone related to you, are easy for hackers to guess. Avoid these types of passwords at all costs and opt for something more complex.

Take care out there.

Cyber crime is increasing in Australia, with more people becoming victims each year. Sole trader online safety is more important than ever, and as we’ve discussed above, there are many simple things you can do to protect yourself and your data.

Always keep security at the front of your mind, and try to set a strong and secure standard in your business.

Want to try Sole for your small business?

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Ready to up your numbers game with the best accounting software made in Australia? Sole is made specifically for the self employed, and we want to see your business succeed.

Try our free trial so you can help your business:

  • Manage income and track expenses through multiple categories
  • Make sending invoices a dream with Instant Pay integration included as standard.
  • Reports readily available to easily provide information to your accountants.
  • Get ready for tax time with Sole’s Tax Estimator.

Head over to our website and claim your 30 day free trial today.

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