Refresh your digital defences in the new financial year

As a new financial year rolls around, most of us have been busy getting everything in order. While you are ticking off your financial housekeeping tasks, there is one important area that deserves a spot at the top of the list: your digital security.

It is easy to overlook, but reviewing your passwords, security settings, and multi-factor authentication (MFA) is one of the most valuable things you can do to protect yourself as you step into the new financial year.

Digital security is more important than ever

Cybercrime is becoming more common and unfortunately, more convincing. Tax time is a peak period for scams, phishing emails, and identity theft attempts. With so much sensitive financial information being shared and accessed, even a small security gap can have serious consequences.

A weak password or an old login is not just a minor oversight. It can be the entry point to your bank accounts, emails, or business systems. Once someone gains access, the fallout can be costly and stressful so take steps now to protect your financial future.

Step 1: Review and update your passwords

If you are still using passwords you created years ago, or reusing the same one across multiple accounts, now is the perfect time to clean things up. Strong, unique passwords are the first line of defence against cybercrime.

• Use long, unique passwords for each account

• Avoid obvious choices like names, birthdays, or common words

• Try using a passphrase, a string of random words that is easy to remember but difficult to guess

• Consider a password manager to generate and store passwords securely

Think of this as clearing out risk, not just clutter. A small investment of time now can save a lot of stress later.

Make it easier with a password manager

Keeping track of strong, unique passwords does not have to be difficult. Password manager apps are designed to do the heavy lifting for you. They securely store your passwords, generate strong ones, and even autofill them when you need to log in.

Some popular options include:

• LastPass

• 1Password

• Dashlane

• Bitwarden

Using one of these tools turns password management from a chore into a simple, reliable system. Many also include features like security alerts and password health checks, helping you identify weak or reused passwords before they become a problem.

Step 2: Turn on multi-factor authentication (MFA)

Passwords alone are no longer enough. MFA adds an extra layer of protection by requiring a second form of verification, such as a code sent to your phone or generated by an authentication app.

Make sure MFA is enabled on your:

• Email accounts

• Banking and financial services

• Government portals

• Cloud storage and work systems

Even if someone obtains your password, MFA can prevent them from gaining access. It is one of the easiest, most effective ways to protect your accounts.

Step 3: Do a quick account audit

The new financial year is the perfect time to review your online accounts, just as you would review your finances.

• Delete accounts you no longer use

• Check for unfamiliar logins or devices

• Update your recovery email and phone number

• Review which apps have access to your accounts
   

This simple audit ensures your digital footprint is tidy and that only the accounts you actively use are connected to your personal and financial information.

Step 4: Secure your devices

Your devices; including phones, tablets, and computers, are part of your financial toolkit. They should be included in your new financial year housekeeping routine.

• Keep your system and apps updated

• Use trusted security software

• Set up screen locks or biometric protection

• Avoid using public Wi-Fi for anything sensitive, or use a VPN if needed

Taking care of your devices protects not just your accounts but the information stored on them.

A secure start

A new financial year is all about getting organised and setting yourself up for success. While it is easy to focus solely on finances, your digital security deserves equal attention.

Because the reality is simple, it is far easier to prevent a security issue now than to deal with the financial and emotional cost of fixing one later.

Make digital security part of your routine to move into the new financial year with peace of mind.