Most read
‘Optimistic borrowers’ could endanger housing market, RBA says...
‘Optimistic borrowers’ could endanger housing market, RBA says...
Latest Podcast
Home values up 30% (or are they); NFTs taking the world by storm, and why Keatin...
Home values up 30% (or are they); NFTs taking the world by storm, and why Keatin...
Resources
There is $17.5 billion in lost and unclaimed super across ...
There is $17.5 billion in lost and unclaimed super across ...
Save
Cyber security has ‘never been more important’ for super
The ATO has said it’s never been more crucial to have strong cyber security processes for superannuation, noting that industry co-operation is needed to achieve this goal.
Cyber security has ‘never been more important’ for super
The ATO has said it’s never been more crucial to have strong cyber security processes for superannuation, noting that industry co-operation is needed to achieve this goal.
Speaking on the Australian Taxation Office’s (ATO) newly launched Tax inVoice podcast, deputy commissioner of superannuation James O’Halloran said data accuracy, member protection and cyber security are all issues that the industry and, as such, the ATO is grappling with.
He was speaking to senior partner at Mercer, and co-chair of the ATO’s superannuation industry stewardship group, Dr David Knox.
“I think as the ATO and particularly in the last couple of years since SuperStream, the truth is that we are part of industry as much as industry is part of us,” Mr O’Halloran said, noting the prevalence of big, and important, data sets.
“It’s data that's important to people.
“[And that] clearly raises the issue for all of us together around cyber security, member protection as well as obviously data accuracy.”
Responding to a question from Dr Knox around the ATO’s operational framework, Mr O’Halloran said the framework is one part of the ATO’s strategy to manage risk for members and funds so that secure exchanges of information can occur.
He said, “A small point perhaps … is obviously software and … the use of APIs is continued to be mainstream business in many ways.
“So we need to make sure and work with the industry that our systems are secure.
“Certainly cyber security has never been more important to make sure it's up to date, particularly with things around information in the cloud as well as some of the way superannuation funds operate.”
Mr O’Halloran said it’s in everyone’s interests to have “a common security”, as well as to hit the best balance of access and security.
Both Dr Knox and Mr O’Halloran agreed that the importance of security is not going to decrease in the future, and in fact will grow.
The ATO’s cyber security standards received media attention last year, with an audit calling on it to boost its defences. This guidance followed an audit that found the ATO had “insufficient protection against cyber security attacks from external sources”.
"To progress to being cyber resilient, the Australian Taxation Office and the Department of Immigration and Border Protection (DIBP) need to improve their governance arrangements and prioritise cyber security," the audit said.
Arguing that it was especially critical that the ATO improved its standards due to its access to Australians’ private and sensitive data, the audit said there could be “potentially significant consequences for Australian citizens” if improvements did not occur.
The ATO has a Cyber Security Stakeholder Group that is scheduled to meet four times a year and provides key message updates on its meetings. The last update was provided in October 2017 and said the ATO was focusing on telephone scams, the global scam environment and ATO impersonation scams.
It also noted that the stakeholder group was the evolution of a working group.
“Our ongoing need to respond to cyber threats and the changing legislative environment made the transition necessary,” the group said.
Tax saving
How are Australians planning on spending their tax savings?
Essential bills, savings accounts, Christmas gifts and exchange-traded funds appear to be the big winners from the latest round of tax cuts, new research has revealed. ...Read more
Tax saving
First in the world: SA imposes EV tax
The South Australian government is the first government in the world to introduce an electronic vehicles tax following an announcement by the treasury. ...Read more
Tax saving
5 tips as tax deadline looms
Australians are being warned that they have just two weeks left to get their finances in order if they have not posted a tax return yet. ...Read more
Tax saving
ATO warns businesses of JobKeeper scam
The ATO is warning the community about a JobKeeper scam which is asking members to enter personal information. ...Read more
Tax saving
Why fast-tracking tax cuts won’t stimulate the economy
Treasurer Josh Frydenberg has flagged that previously legislated tax cuts could be moved forward in a bid to help stimulate the Australian economy. ...Read more
Tax saving
Last-minute items to check off before 30 June
With the end of the financial year almost here, an accounting firm has outlined key changes with tax returns this year and flagged some last-minute tax strategies to consider before 30 June. ...Read more
Tax saving
Australia’s richest owe the Tax Office $772m
Australia’s elites and private companies fell $772 million in taxes due to miscalculations and deliberate tax avoidance, the Australian Taxation Office has revealed. ...Read more
Tax saving
Do you have to pay taxes on a trust?
Trusts are usually set up for business, estate planning and investment purposes to separate the legal and beneficial ownership of assets held within the structure. ...Read more
Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now
Raging floods, the tech stock bubble and the ongoing SG debate
Listen now
Meet the Manager with Trilogy’s Philip Ryan: RBA rates and property price growth
Listen now
The continued property boom, ethical investing and engaging with your super fund
Listen now
Tax saving
How are Australians planning on spending their tax savings?
Essential bills, savings accounts, Christmas gifts and exchange-traded funds appear to be the big winners from the latest round of tax cuts, new research has revealed. ...Read more
Tax saving
First in the world: SA imposes EV tax
The South Australian government is the first government in the world to introduce an electronic vehicles tax following an announcement by the treasury. ...Read more
Tax saving
5 tips as tax deadline looms
Australians are being warned that they have just two weeks left to get their finances in order if they have not posted a tax return yet. ...Read more
Tax saving
ATO warns businesses of JobKeeper scam
The ATO is warning the community about a JobKeeper scam which is asking members to enter personal information. ...Read more
Tax saving
Why fast-tracking tax cuts won’t stimulate the economy
Treasurer Josh Frydenberg has flagged that previously legislated tax cuts could be moved forward in a bid to help stimulate the Australian economy. ...Read more
Tax saving
Last-minute items to check off before 30 June
With the end of the financial year almost here, an accounting firm has outlined key changes with tax returns this year and flagged some last-minute tax strategies to consider before 30 June. ...Read more
Tax saving
Australia’s richest owe the Tax Office $772m
Australia’s elites and private companies fell $772 million in taxes due to miscalculations and deliberate tax avoidance, the Australian Taxation Office has revealed. ...Read more
Tax saving
Do you have to pay taxes on a trust?
Trusts are usually set up for business, estate planning and investment purposes to separate the legal and beneficial ownership of assets held within the structure. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
