Security and Data Privacy in Cloud Accounting

Digits do not provide much insight, yet they reveal everything you need to know concerning a company. Hence, accounting revolves around preparing balance sheets, Payroll, and compliance record maintenance. Considering the above mentioned, some of the problems that could arise due to a breach are: 

• Financial Losses: The greatest cost a business can have, relies on fraud. When a company’s financial records are accessed without supervision, there is an opportunity for unauthorized transactions to take place.
• Reputational Damage: When a business does not safeguard its data, it loses the trust and faith of its clients, investors, and associates.

Violations of data protection regulations such as GDPR, CCPA, or India’s DPDP Act can be very costly from a compliance perspective as they come with harsh penalties and fines.

This means financial data protection goes beyond being a technical requirement, and resolutely falls under a business necessity.  

Important Security Aspects Of Cloud Based Accounting  

At Cevious, we utilize a multi-tiered strategy to safeguard your financial information in the cloud. Now, let’s discuss the security features that contribute to the safety and dependability of cloud accounting:  

1. Data Encryption  

Data encryption is an essential prerequisite of cloud security. We make sure your financial data is encrypted both at rest and during transmission using standard industry protocols, such as AES-256 encryption. Even if data intercepts are made, it is impotent without the decryption key.  

Benefit: Protection from unauthorized access to sensitive financial information during transmission between the device and the cloud.  

2. Multi-Factor Authentication (MFA)  

Apart from passwords, there is no other way to secure user accounts on a singular level. This is the reason why we employ multi-factor authentication. This is when you combine something familiar to you, such as a password, with an OTP or mobile application verification, which is something you possess.  

Benefit: Provides bolster security against stolen credentials or phishing scams.

3. Regular Backups and Disaster Recovery

Data can be lost through accidental deletion, hardware issues, and cyber-attacks such as ransomware. Cevious takes care of automated, regular backups and has reliable disaster recovery systems.

Benefit: Moves business forward without interruption, allowing fast restoration of data with little disturbance.

4. Access Controls and Role-Based Permissions

It is not necessary for all team members to have access to all financial data. Under role-based access control, administrators set the capability to view, edit or delete specific records in Tally on Cloud.

Benefit: Helps prevent unauthorized exposure to confidential information and mitigates the risk of an internal attack.

5. Continuous Monitoring and Threat Detection

We monitor for abnormal behavior like unusual activities, unrecognized logins, or suspicious behavior. This includes proactive threat detection which alerts us to possible breaches ahead of time, allowing us to deal with them before they escalate.

Benefit: Protects the organization’s systems on multiple fronts, guarantees quick responses to incidents.

6. Adhering To The Compliance Guidelines Of An Industry

Data privacy cannot be considered a good practice; it is a legal obligation. It is our priority to maintain compliance with pertinent data laws regarding accounting cloud services, which include:

• GDPR (Europe)
• CCPA (California)
• DPDP Act (India)
• ISO 27001 & SOC 2 standards (if applicable) 

Advantage: Managing corporate financial information is effortless, with the knowledge that it is protected within unified international regulatory standards.