Is Accounting Data Security Reliable on the Cloud?

Hackers. Security breaches. Natural disasters. These are all threats to your company’s IT infrastructure and financial security. Your data is valuable, now more than ever. However, just as your data helps you drive your company forward, it can be used to hurt you and your customers. Cloud computing has made housing your accounting data more easily accessible and faster to manage, even more accurate. But is true data security really possible for accounting on the cloud? While the threats of data breach or loss still exist, the right cloud solutions will give you sufficient protection.   

Why The Cloud Empowers Data Security  

One major advantage of cloud-based technology is that it doesn’t require you to maintain servers in your office. Now, some groups may see this as a surrendering of IT security- you can’t protect and control a server you don’t have access to. But this isn’t the case.

Physical servers can be stolen, tampered with, and damaged on location. Additionally, this brings more IT expenses to the organization to maintain the server and applications. On top of that, these servers are still prone to mal-activity and data theft. 

Cloud-based solutions make a lot of the Cloud IT expenses disappear. Cloud-based technology offers more flexibility, accessibility, and resources for your team without the costs of having to use in-house servers. You just need a connection to your cloud app and you can access your information. With cloud computing, your information is in a safe that can’t be damaged or stolen and that doesn’t have to be guarded over. You get greater security and peace of mind when the data is secured on the cloud.

Threats to Cloud Accounting Data Security

Is accounting data on the cloud still at risk of malfunctions and things like hacking? Sure, no system is perfect. Cloud computing is still prone to threats, but it is reliable in the face of these threats. Some are higher risks than others, but there are ways to combat these threats to ensure your accounting system is completely secure.

Natural Events

While it is possible for natural disasters to cause damages that make you lose accounting data on the cloud, it’s very unlikely. Cloud-based servers have backups and, more importantly, the servers aren’t located where the damage happens. Providers also use multiple redundant servers for added protection. You might experience minor disruptions if the cloud app’s server is experiencing equipment issues like power outages. However, these are typically minimal and usually very fast to resolve by the application providers. For example, when Hurricane Maria hit Florida in 2017, law firm Ayo & Iken’s accounting data didn’t suffer any losses because of Accounting Seed’s cloud-based platform. Besides replacing some office equipment, all of their client information was fully secure and accessible by staff.   

Security Breaches

No business is immune to security breaches, external or internal. Usually, this is when distrustful people are trying to access accounts or an employee makes changes where they shouldn’t, by mistake or an attempt to steal/alter data. The cloud is not a physical safe, so the ease of accessing your accounting data can work against you if your system isn’t fortified. Remember, about 60% of all cyber attacks are orchestrated internally. This is prevented when the accounting system is equipped with features like in-depth permission settings that let you block or allow individuals based on specified criteria.

Hacking

Hackers have become one of the most concerning threats to businesses of all sizes and industries. 2019 alone has seen headlines of big companies like Toyota and even financial institutions like Capital One succumb to hacking. That’s millions of customers’ information exposed, devastating blows to company reputations, and also costs recovering from the breaches. Can hackers be stopped? There’s no definitive solution to prevent hacking, but there are encryption features that, if designed with resilience, can prevent most hackers from getting through. Encryptions are also enhanced with permission settings and other security features that ensure only select people can view and alter data. The more flexible your accounting platform and robust its architecture, the more ways you can prevent hackers from gaining access. 

Is Data Security Reliable on the Cloud?

Yes, if your accounting system has the appropriate data security features. For each of the major threats to cloud computing, there are solutions to ensure the security of your business and accounting data. While hacking gets a lot of press, it’s important to recognize how many businesses securely manage their accounting and operations on the cloud. The determining factors behind protecting accounting data are the security features of the platform you’re using.

Salesforce Secure. Accounting Seed Strong

One of the reasons why Salesforce is the #1 CRM is thanks to its robust security features. Salesforce is so secure as a platform that government contractors and agencies, including the Department of Defense, use it. Salesforce achieved FedRamp certification from the Department of Health and Human Services (HHS), ensuring the platform has the data security control needed for government work. These security features are shared by Accounting Seed which is a native accounting solution on the Salesforce Platform®.

Accounting Seed is not only flexible and comprehensive in its accounting features, but it’s also reliable because it’s built on one of the most secure platforms on the market. Here are just a few of our inherited Salesforce-based security features:

• User Permissions

  Salesforce-based user permissions let you clearly define what tasks users and admins can perform, approve, and have access to. You can also create unique permission sets for more complex processes.

• Approvals

  You can automate specific steps or sequences of events that require an official signoff on a record to ensure accuracy. No one will be able to view or alter accounting data unless they are the appropriate persons. This is great for deterring internal security breaches.

• Validation Rules

  Validation rules establish standards for recording and handling data. These security measures also ensure that only select users can do a certain process in the system. Based on business logic, validation rules can be set to prevent processes from being completed out of sequence.

• Two-Factor Authentication

  Two-factor authentication lets you enable a second level of authentication for every login. You can also implement a two-factor authentication when a user is performing a specific function like examining billing reports or approving expenses.

• Real-Time Event Monitoring

  Real-Time Event Monitoring helps you keep track of and monitor and detect standard events in Salesforce in near real-time. You can store the event data for auditing or reporting purposes. You can also create transaction security policies using Condition Builder—a point-and-click tool—or Apex code.

• Session Security Settings

  This tool gives you the power to fully monitor, control, and even delete your active user sessions. You’re also able to view the specific IP address from where users are logged in, as well as approximate city and postal code locations.

• Audit Trail Functionality

  Audit trail lets you track changes throughout the financial reconciliation process to maintain accurate, up-to-date information. This also lets you see exactly who is doing what in the general ledger, with project accounting, and every other aspect of the accounting process.

Powered by Salesforce, Accounting Seed has the security features you need to fully protect your accounting data from any threats you face on the cloud. Our flexibility also lets you tailor these security features however best suits your individual needs. Keep your accounting data secure and you keep your organization and customers safe too, not to mention happy. At Accounting Seed we’re focused on removing security concerns to give you the peace of mind to use your accounting data effectively for your organization.