Is the Cloud Secure Enough for Accountants?

By Accounting
Cloud security for accountants

The advantages of migrating from physical servers or a filing cabinet-based storage system to one on the cloud are well-publicised. Not only can such an approach allow accountants ubiquitous access to their data from any device in any location, it also affords the ability to scale up or down with the minimum of fuss. They can even make substantial fiscal savings by outsourcing hardware and software demands to third-party companies.

However, information security remains a paramount concern for individuals working in any industry. That’s especially true for accountants who handle sensitive financial data on a daily basis.

Not only is keeping client data safe integral to maintaining trust between customer and accountant, but thanks to the introduction of GDPR, it’s now also a key legal requirement which commands hefty penalties for failure to comply. As such, placing that information into an online entity where it can’t be physically seen or handled can be a daunting prospect for some accountants wary of the transition.

Security concerns not holding accountants back

Despite those fears, it’s clear that the future of accountancy is very much cloud-based. A recent survey of 3,000 industry professionals from all over the world revealed that more than two-thirds of respondents (67%) already prefer the cloud to conventional methods of record keeping and storage, indicating that the tide has already turned in the cloud’s favour.

That figure is only expected to increase, as well. By 2020, more than three-quarters of all small business (78%) are projected to exclusively use cloud-based software for their accounting needs and its market value is likely to exceed £3 billion by 2023.

Given that firms which have transitioned all their accountancy operations to the cloud attract new clients five times more quickly than those which don’t – and experience an annual boost in size of 15% – it’s easy to see why the cloud is growing in popularity at such an impressive rate.

Stronghold not sitting duck

The mass migration is even more understandable when the fears over security are placed under the microscope and revealed to have little substance to them. Indeed, experts are generally of the opinion that the cloud is actually safer than onsite data storage, given that the service provider has a vested interest in maintaining a strong reputation vis a vis their clients and a narrower field of focus at which they must direct their financial resources.

For example, a professional cloud service provider will not only safeguard the physical location of its servers with robust security measures and personnel, but also backup their operations via the use of several locations around the world, to guard against operational downtime or data loss incurred by unforeseen circumstances.

At the same time, their cyber security protocols will be far more stringent than that of an accounting firm and will undergo regular and rigorous audits to make sure best practices are always being followed and improved upon. As such, sensitive data is far safer in their hands than it could be almost anywhere else on the planet.

Secure hosted desktops

Security is paramount at Green Cloud Hosting. On our hosted desktops for accountants, your data is protected to the highest level. All data is 256-bit encrypted and stored in three UK datacentres.

Want to discuss your needs with a cloud hosting expert? Give us a call on 0161 979 0691 or email info@greencloudhosting.co.uk.

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