The ease of digital payment methods and electronic transfers has streamlined how both companies and individuals conduct business with their service providers. Managing your money online is simple, convenient, and uncomplicated. It greatly simplifies our life and allows us to conduct financial transactions online quickly. However, because internet transactions are so convenient, hackers can also easily commit financial fraud.

To keep unauthorized people out of your online financial transactions,

You should take the safeguards listed below

●      Invest in a reliable accounting software

It’s crucial to find an accounting software with a solid reputation in the market while making your decision. Do your homework and study evaluations written by both customers and industry professionals. Look for software that has an excellent track record, has been around for a while, and has been endorsed by other users.

●      Establish a secure connection

Ensure the accounting programme encrypts your financial data using a secure connection, such as HTTPS. This will assist in defending your data against hackers and other unwanted individuals. Additionally, to show that it is using a secure connection, the software should display a padlock icon in the address bar.

●      Use a strong and distinctive password

Don’t use the same password on various websites; instead, use a strong and distinctive password for your account with the accounting software. A strong password must have a combination of uppercase and lowercase letters, numbers, special characters, and other characters, and it must be at least 12 characters long.

●      Update the software on your computer

To help prevent any vulnerabilities, keep your computer and software updated with the most recent security updates and patches. This comprises the browser, operating system, and accounting programme. Updates from software vendors are frequently released to address security flaws, and when it comes to cloud, the system automatically updates them as soon as they are made available.

Additionally, regularly backup your financial information to ensure that it is not compromised in the event of a security breach or other problems. The data can be exported to a file or cloud service, or you can use a backup service offered by the vendor of the accounting software to accomplish this.

●      Review access and permissions

Ensure that only authorized personnel have access to your financial data by reviewing access and permissions. Employees, subcontractors, and any other parties with access to the data are included in this.

●      Two-factor authentication (2FA)

This procedure uses uncomplicated technology. There are two different sources that will authenticate your login depending on the information they have about you. By demanding an additional form of identification in addition to your password, two-factor authentication increases the security of your online financial transactions. This can be a security credential, a code delivered to your phone, or a fingerprint.

Ensure that only authorised personnel have access to your financial data by reviewing access and permissions. Employees, subcontractors, and any other parties with access to the data are included in this.

●      Monitor your accounts

Regularly monitor your financial accounts and report any unusual or suspicious activity. If you notice anything out of the ordinary, report it to the software provider and your financial institution immediately.

●      Rely on Cloud Solutions

Your data can be preserved more securely with cloud-based accounting software and storage choices. Utilizing a cloud solution for data storage and accounting keeps sensitive information off of local and personal devices where it may be hacked. Instead, the data is safely kept in the cloud.

Because cloud software is encrypted, hackers have an extremely hard time accessing it. Additionally, you won’t have to worry about maintaining overpriced firewalls and other expensive security measures or backing up your data. Instead, you can rely on the software’s built-in security.

There is more, though. Cloud services frequently offer multiple layers of protection to protect your data both digitally and physically.

Here are some smart features cloud accounting and ERP offer to protect your data

➢      Modern firewalls

These advanced systems are not just any firewall. They search for data packets, analyse the source and destination data, and ensure the integrity of the packets. Layers of access exist in the cloud, much like in conventional networks, allowing access to some accounts but not others. Since some attacks succeed in getting past the first, less secure level, the internal firewall is designed to stop the attacker from penetrating deeper into the system and doing further harm.

➢      Detection of intrusions

It is possible for an attacker to enter the system after getting past the first lines of defence. Because of this, cloud accounting systems have intrusion detection systems that can detect attempts at trespassing and monitor unusual user behaviour that can be indicative of an intruder. When a user poses a threat, access is restricted until he can be fully confirmed as a legitimate user.

➢      Encryption

Encryption works in a way that every user gets generated (literally calculated) key. This key is then applied to open up the file by calculating its way through the encrypted file. When an attacker steals a file that has been encrypted, and couldn’t steal a pattern, or formula which would calculate the file data, he will end up with a worthless mess of characters. Encryption complexity rapidly increases, and as of now, there is standard encryption of 256 bits.

GenieBooks 100% cloud Accounting and Inventory Management Software has all of the protective measures you need to keep your accounting data safe from any dangers. You can adapt these security elements in any way that best meets your specific needs thanks to our extensibility  of cloud.

Clare Louise