Implementing Strong Authentication Measures
Praemium is committed to providing our customers with a platform that meets the highest cybersecurity standards.
The security of your account and personal information is our top priority. Recent news regarding cyber-attacks targeting Australian superannuation organisations, has highlighted the increasing importance of robust security measures in the digital landscape.
We assure you that we are continuously working to protect your data. Some of the most important steps that we can take together to ensure the security of your data is to:
- Use 2-step or multi-factor authentication (MFA). At least two forms of verification (e.g., password + one-time code) should be used to login to your accounts.
- Use strong passwords. We know strong passwords are hard to remember, but that is why they work and why we are implementing new policies around minimum length and complexity.
2-step verification is essential in helping protect your information. Set it up now!
As an added layer of security, Praemium strongly encourage you to enable 2-step verification (aka Multi-Factor Authentication or MFA) for your Praemium login account.
Setting this up significantly reduces the risk of unauthorised access, even if your password were to be compromised. A second verification step, such as a code via an authenticator app or SMS sent to your mobile device, provides a powerful defence against cyber threats and makes your account significantly more resilient against unauthorised access.
That’s why our security team are taking steps to make 2-step verification for all accounts mandatory later this year.
But until it is mandatory, we are making MFA available to all services in the next month. This means all Praemium users will be able to turn on 2-step verification for their own account. You can download our quick start guide to learn more about how to activate this feature.
We appreciate your proactive participation in making your account more secure. Enabling this feature is a simple yet highly effective way to safeguard your information and greatly enhance the security of your interactions with Praemium.
Enhancing your account’s security with stronger passwords
To further protect your accounts and information, we are strengthening our password policy. Did you know that:
- More than 80% of data breaches involves weak passwords
- Organizations with password requirements of 12+ characters experienced 50% fewer successful attacks
Your first step to security is a strong password. The best thing you can do right now is to ensure your password is at least 12 characters in length.
Changes to our MFA and password policy will be activated in June 2025, so stay tuned to our Product Upgrades page for more information.