From www.smsfadviser.com: SMSF professionals are being urged to educate their clients about implementing robust security measures to protect their fund investments and personal data.

With significant asset value in SMSFs, the risk of cyberattacks is heightened, especially for vulnerable members, necessitating compliance with best practices like multi-factor authentication.

Legal implications may arise for trustees failing to exercise adequate security, potentially leading to litigation if financial losses occur due to inadequate security measures.