With new data threats and stories about cloud security popping up seemingly every day, many accounting professionals may feel like they spend more time protecting data than they spend helping clients. Of course, protecting client data is of vital importance. So how can accounting professionals balance security and service?
The DIY approach is increasingly hard for accounting firms to keep up with. Even firms with full time IT staff may have difficulty creating and maintaining a secure environment in-house. That’s why more and more firms are turning to cloud providers to take on the complex task of securing client data.
In fact, even though moving to the cloud used to be considered the riskier option, it’s actually a smart choice for firms concerned about data security. A new whitepaper “Data Security in the Cloud vs. On-Premise” examines the key concepts of digital security, including the AICPA’s principles regarding Service Organization Controls (SOC 2) for cloud providers.
The Seven Principles of SOC 2
Before you try to tackle data security on your own, get familiar with data security concepts. For example, do you have the resources to manage risk? Who can you partner with to ensure your data is secure?
The AICPA set out seven principles to evaluate how secure a system is. A cloud provider should have plans in place to address all seven of the AICPA’s SOC 2 principles:
- Appropriate IT management structure in place
- IT policies in place
- Systematically monitor risk
- Effectiveness evaluation
- Limit system access/ensure physical security
- Proactively manage the system
- Identify need for change
Finally, don’t believe the common myths about cloud security. With a trusted technology partner, moving to the cloud can be much safer than keeping your data on-premise.
First, learn about common data security concepts. Then, decide for yourself if your firm is prepared: Download the whitepaper today.