3 Common Security Threats for QuickBooks Accounting and How Cloud Protects

When you think of accounting, you think of QuickBooks. 

Catering to over 800M SMB and self-employed users worldwide, QuickBooks is a popular accounting solution preferred by a majority of accountants. Its diverse functionalities are complemented by robust accounting solutions and have entirely revolutionized the accounting industry.

Although QuickBooks’ base features continued to evolve with changing times, traditionally setting it up has its limitations.

When you use QuickBooks by installing it on a local desktop, it may lack the modern security features essential for protecting it against the latest cyberattacks. This makes using QuickBooks quite a risky venture, as it makes your data easily accessible.

However, hosting your QuickBooks on the cloud allows you to mitigate these security threats and keep your data safe.

Let’s look at the various security threats faced by QuickBooks accounting and how the cloud can help in safeguarding it.

Viruses and Malware

Do you still remember that infamous WannaCry malware attack of 2017, which affected thousands of computers worldwide? It impacted 150 countries, causing losses nearing $4 billion.

Viruses and malware are a grave threat to global cyber integrity. Sometimes, there is malware like ransomware that encrypts user data – later extorting money for its recovery, or viruses like Zeus, which hack the targeted bank accounts to carry out illegal transactions. Although various latest antivirus software has been developed to combat their growing emergence, one must be equipped with modern solutions to guard themselves effectively.

And this is where organizations that still employ traditional QuickBooks setup are potentially at significant risk. Most of the firms have terrestrial data systems that are outdated and lack modern solutions. They can be easily targeted by a malware attack, resulting in a tremendous loss of critical data.

However, moving your QuickBooks to the cloud ensures reliable security features for your enterprise and helps guard your data effectively. The cloud is equipped with the latest antivirus/antimalware solutions and is regularly monitored by qualified experts for thwarting any cyberattacks. Moreover, reputed service providers also deploy AI tools for fixing vulnerabilities across the system to protect your data from cyber threats.

Illicit System Access

It is no exaggeration to say that the current world revolves around the Internet. However, this has opened gates for unauthorized access to your data. For instance, doing a simple task such as visiting a website can grant illicit access to your QuickBooks, leaking your private data in the process. Your QuickBooks account can be conveniently accessed without modern solutions via the Internet without your consent.

But when you host QuickBooks on the cloud, it provides a comprehensive solution for all your access worries. For shielding your precious data, the hosting provider deploys a reputable firewall and Intrusion Detection and Prevention Systems (IDPS). A firewall actively scans the incoming and outgoing data on a computer connected to the internet. It filters out suspicious IP addresses and blocks illicit access. Similarly, an Intrusion and Detection Prevention System helps alert the network about any hacking attempts.

Unauthorized Personnel Access

According to a report, around 77% of data leaks were due to an insider in the past year. From an employee intentionally leaking data to an accidental lapse in security procedure, there are various ways through which data could be illicitly released.

However, most data leaks are for personal gains, with employees playing an active role. This can be quite troublesome for an accounting firm. Accounting firms handle critical financial information like credit card details, personal credentials, and bank statements – failure to protect them can put your client in serious trouble. This can also damage the reputation of your firm and tarnish its public image.

Moving your QuickBooks to the cloud allows you to restrict administrative access and protect your data from illicit employee access. Since everyone accessing QuickBooks on cloud requires valid authorization, you can limit data visibility accordingly. It allows you to grade your QuickBooks data accessibility as per the role within the organization and keep a check on their activity.

This way, you can avoid what 41% of US companies do, allowing unrestricted access to sensitive data. As all the information hosted on the cloud is stored in distant data servers, even if your local data drives are stolen, crucial data loss is prevented.

Conclusion

QuickBooks data is very crucial for any accounting firm. Any successful cyberattack can result in the loss of millions of dollars and damage the firm’s reputation as well. The benefits offered by QuickBooks cloud hosting can prove to be a game-changer in its security.

Wish to know how the QuickBooks cloud hosting can enhance data security for your business? Get in touch with our Solutions Consultant at +1-855-223-4887.