Xero Launches Xero Verify To Broaden Security Requirements To Bring World-class Data Protection To Small Businesses

Xero launches Xero Verify to broaden security requirements to bring world-class data protection to all Kiwi small businesses and partners

New app makes it easy to set up multi-factor authentication adding an extra layer of security on Xero accounts

Xero, the global small business platform, today announced changes to its customer security requirements and the launch of its own authentication app, Xero Verify, to give small businesses and their advisors a simple and secure way to set up and use multi-factor authentication (MFA) on their accounts.

The app will provide easy, fast and secure access to Xero accounts with MFA for an added layer of security.

Throughout 2021, Xero is gradually requiring all its subscribers to set up MFA to improve security on user accounts. When setting up, users will be able to choose at least two different factors — including a password, and a mobile app such as the Xero Verify app, to verify the user’s identity. The roll out of MFA in New Zealand will begin on 9 March in a phased approach to different user groups.

Rachael Powell, Chief Customer Officer, said: “During COVID-19, there was a global rise in security incidents. Therefore, it has never been more important for us to prioritise customer security. With 80% of data breaches being preventable, the roll out of mandatory MFA is a really important way to provide our customers extra protection.”

“Xero Verify is a fast, easy and secure way to authenticate yourself within Xero. We’ve already had incredible feedback on the app during the testing phase with advisors and small businesses, and know that it will provide peace of mind that their sensitive data has an additional layer of protection.”

Xero is launching the Xero Verify App in New Zealand to make MFA compliance as simple as possible for customers. The app was developed following customer feedback during the roll out of 2SA in Australia, and early testing of the new app shows it helps eliminate account lockouts and password resets.

Xero has offered two step authentication (2SA) to subscribers as an option since 2015 and successfully rolled this out to all Australian partners and small businesses in 2018 significantly improving their protection and the business now wants to ensure New Zealand customers have the same level of security in place.

The new standards are designed to help protect Xero customers against the backdrop of increased cybercrime reports during 2020 across the globe. The pressure of the pandemic has required many businesses to operate online in new ways over the past 12 months, opening them up to new levels of security risk. For example, in New Zealand during the peak of COVID (H1 2020) NZ saw an increase in cyber attacks by 42% YoY.

Craig Hudson, Managing Director of Xero New Zealand and Pacific Islands, believes the shift to more people working and accessing documents remotely has made them a more attractive target for cybercrime.

“We know small business owners are busy and want to make things easier for themselves and their teams, while not sacrificing security. MFA is an essential step towards protecting your valuable data, and the Xero Verify app is quick and easy to use so our customers can securely access their business data from anywhere.”

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