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How safe is Google Drive for storing banking and investment documents?

Thursday, April 11, 2019

IMG CREDIT: UNSPLASH

This week's question comes from Alex (paraphrased):  

 

Is it safe to use Google Drive to store all of my banking and tenancy/investment documents? How often should I change my password?

 


Vijay Nyayapati from Redbrick Technology Limited kindly responds below: 

 

Google Drive has been strong on security, provided you follow their recommendations such as having strong passwords and enabling multi-factor authentication. However, I would strongly recommend that you read their Terms of Service and Privacy Policy as Google seems to claim ownership of their customers’ files. This means that your stored data can potentially be used for banner ads. This does not mean that they will be throwing your files all across the internet, but can use the content for targeted advertisement. One way to mitigate this is to encrypt data that is stored on Google Drive.

 

Passwords – It is generally a good practice to change passwords regularly – say every 3 to 6 months, or immediately if you hear or suspect a breach. The key to remember is to have different passwords for different logins. For more tips such as these, please remember to sign up to weekly tips here

 

 

Additional comments from APIA: 

Note that there are certain IRD requirements for storing tax records electronically. Click here for more information. Additionally, you may want to refer to this excellent resource on the various legal requirements for electronic document recording provided by the Archives & Records Association of New Zealand here.

 

Do you have any tenancy related questions? Write to us at admin@apia.org.nz or hit us up on our social channels here and here

 

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Mathieu Holt- Managing Director, The Tenancy Practice Service & TPS Credit Control
Through the Association I found the channels and methods to fund the purchase of property I never dreamed about. Grant Brown

All round it has been one of those things Neil and I felt was really worthwhile belonging to. We have learned so much it has just built our confidence in what we are doing.

Janice Bieleski
I read two articles in the monthly magazine that saved me over $5,000. That is my membership fee for the next 26 years and I am sure I will learn a whole lot more! John Duncan
Fantastic organisation. The networking opportunities are brilliant and provide us with information and opportunities that cannot be obtained anywhere else. We learn something new at every meeting and we've been in this game for nearly 20 years. Pauline and Gyanen Kumar

I find the information obtained from various APIA meetings very useful in guiding my own property investment and rental management.  I also enjoy the networking opportunities with like-minded investors.  I am inspired by other investors’ success and find the more experiences and knowledge that I share with others, the more confident I become.  

Thanks to all APIA event organizers and administrators for your brilliant work. 

Stella Shao

I like talking to people and learning from their experience because it gives me the confidence to invest well. I think it is a knowledge thing. I now know I am doing things the right way.

Stephen Weatherall

My APIA membership has become a total success.

Every time I attend a monthly or regional meeting I come away with so many useful and positive tips that have added value to my property investments and management.

Not only that, the website is a great place for practical advice and useful information. It has now evolved into an important resource for my business.

Talk about value for money! The discounts I have been getting at Bunnings when I present my APIA membership card have more than paid for my annual subscription!

Tim Duffett, Plan A Investments Limited