At Mclowd we take the security of your personal financial information seriously. Our approach to security is based on the following foundations:
- Access arrangements
- Shared responsibility
Both the free SMSF accounting software and services Marketplace have been built from the ground up on the Amazon Web Services platform.
AWS is the global standard for cloud-based hosting, and is used by hundreds of thousands of companies around the world.
Thanks to AWS, Mclowd is able to leverage all of the investment in security that has been made by AWS over more than 10 years. Detailed information regarding this security infrastructure can be found at:
Importantly for SMSF Trustees (and practitioners) weighing up their options in terms of SMSF accounting software, AWS has also been used by BGL for their new cloud product Simple Fund 360.
AWS has effectively levelled the playing field, allowing market entrants like Mclowd to access exactly the same technology (and security) as incumbent vendors, at exactly the same cost.
To quote the AWS marketing collateral:
“Every customer has access to the same security capabilties.”
However unlike BGL, Mclowd is passing on the cost savings direct to the User Community, while others are using the economics of cloud computing to improve their bottom line.
The second leg of security at Mclowd is architecture.
The free SMSF accounting software, services Marketplace and Website are all housed in separate AWS ‘instances’.
- Reflects the differing security profile of the underlying data in these
- Supports flexible online workflows, allowing different Team Members to
work on each of these environments independently
Only three Team Members at Mclowd have access to the production database, and this access is subject to public key encryption and multi-factor authentication for each individual.
As Mclowd evolves into an end-to-end workflow management solution, we will also be introducing more flexible access arrangements so that service providers (from within the Marketplace and elsewhere) can be granted access to your Account for the purposes of assisting you with accounting and tax compliance, financial planning or legal services.
The final leg of our security methodology is shared responsibility. This means that Users of the free SMSF accounting Platform and services Marketplace are responsible for maintaining the confidentiality of the credentials (username and password) which they use to access Mclowd.
Notwithstanding the above, we are always looking for ways to further improve security.
As such we also offer Multi-Factor Authentication as a user-enabled feature for the accounting Platform.
Multi-factor authentication (known as MFA or two-step verification) is an advanced security feature that adds an extra layer of protection to your Account. Many of you are probably already using similar arrangements with your Internet banking.
After you’ve turned it on, you will be asked to enter an additional security code when you sign in. This means that even if someone has managed to acquire your username and password they still can’t get into your Account without the separate one-time code.
You can enable the MFA facility at any time from Settings > Mclowd Account.
If you have any questions or feedback please don’t hesitate to contact us.