Xero : 09/03/2021 - Xero launches Xero Verify to broaden security requirements bringing world-class data protection to all small businesses and partners

GLOBAL - MEDIA RELEASE

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

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

Xero accounts

Wellington- 9 March, 2021 -X​ero,​ t​ he 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 another layer of security.

Throughout 2021, Xero is gradually requiring all its subscribers globally 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.

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 fa​ st, 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 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.

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.

ENDS

Media Contact

Xero

Abby Hempfling [phone]

About Xero

Xero is a cloud-based accounting software platform for small businesses with 2.45 million subscribers ​

globally. Through Xero, small business owners and their advisors have access to real-time financial data any time, anywhere and on any device. Xero offers an ecosystem of over 800 third-party apps and 200 plus connections to banks and other financial partners. In 2020 and 2021, Xero was included in the Bloomberg Gender-Equality Index and in 2020, Xero was recognised byI​DC MarketScape​ as a leader in its worldwide SaaS and cloud-enabled small business finance and accounting applications vendor assessment.