Last updated on January 16th, 2023
With the increasing frequency and number of cyberattacks in today’s times, the security of accounting software is a significant concern for accounting firms. Thus, businesses have prioritized keeping their accounting software and data safe to survive in this tough economy. This is where cloud hosting of accounting software from a reputed service provider can help you.
The global information security market will reach $170.4 billion in 2022.
When it comes to accounting software security, multiple reasons motivate accounting firms to ditch the locally-installed version and opt for cloud hosting. Apart from offering benefits like remote access, better team collaboration, high-performance computing, and more, it empowers firms with robust features for better security.
Below are the key features by which cloud hosting enhances the security of accounting software.
1. Multi-Compliance Adherence
Locally installed accounting software adheres to the security network of your organization. If you choose to set up your own server to install your accounting software, the solution may conform to one or two security standards.
One of the best benefits of hosting your accounting software on the cloud is that reputed service providers adhere to multiple compliances. This increases your chances of preventing potential cybercrimes and protect your accounting software. For instance, if you need HIPAA and PCI-DSS compliance standards, your accounting software becomes even more secure as you get other compliance standards such as SOC, ISO, GDPR, and more.
2. Reliable Data Backups
If you have moved on from the paper-based accounting method and started using locally installed accounting software, you should also be aware of its limitations. Locally stored accounting data can be easily lost if the hard disk crashes or an earthquake damages your office premises. Also, if you opt to back up your data yourself, there are limitations associated with it. Your staff might not be skilled enough, or your backing will also not work if an earthquake hits.
However, if you host your accounting software on the cloud, you free yourselves from the hassles of its installed version. Your service provider will take regular backups of your accounting data (most providers offer daily data backups). They also employ expert IT professionals who ensure that the process is smooth and is done regularly.
3. Data Redundancy
As mentioned above, when you use locally installed accounting software, your data is also stored in the local device. This means that if you lose your device or it gets damaged, there are chances that you will damage or lose your data as well. In such cases, data retrieval is also a complex task and takes a lot of time. As a result, your business suffers, and your operations halt.
With your accounting software hosted on the cloud, your data is stored in multiple physical data centers. Most accurately, it is stored across multiple data centers. This means that if even if one data center is not accessible due to any issue, you will be redirected to another server to access the data. Also, this process is quick. So, you will not even come to know about any data center failure.
4. No Illicit Access
In this digital world, there is no denial in the fact that people gain illicit access to data. The situation becomes even more critical for accounting firms as they store sensitive financial information in their accounting software. For instance, visiting an unsafe site may result in granting illicit access to your accounting data. This calls for modern-day solutions to protect any such access.
But, you do not need to worry about anyone accessing your data without your consent when you host your accounting software. Reputed service providers deploy the latest firewalls, Intrusion Detection and Prevention Systems (IDPS), multi-factor authentication, and more to keep your data safe. Also, they have a team of IT experts that monitor your data for any unusual activity in your data.
5. DDoS Prevention
DDoS attacks are one of the most common ways to disrupt a server. There was a rise of 776% in DDoS attacks of 100GB/s in Q1 of 2020. These attacks are costly and can happen to any accounting firm of any size. The process consists of directing heavy traffic towards a server so that it gets overloaded and stops functioning as it should. So, even if you have hosted your accounting software on an in-house server, it usually does not have the capability to withstand a DDoS attack.
However, when you use cloud hosting from a service provider, the cloud server offers more bandwidth than a traditional server. Hosting providers also use the latest It infrastructure that ensures that there are no weak links in your network. If there is a DDoS attack, service providers also have a plan to battle it out and keep your data safe.
Cloud hosting offers multiple advantages over traditional servers in the protection of your accounting software. You can conveniently host accounting software like QuickBooks, Sage, or any other on the cloud for better security.
Wish to try cloud hosting for your accounting software? Get in touch with our Solutions Consultant at 855-270-6252.
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