Outsourcing of Accounting Services: Security and Best Practices
Outsourcing accounting services is a practice in constant growth due to its multiple benefits, such as cost reduction and access to specialized experts. However, with the increase in digitalization and reliance on advanced technologies, cybersecurity has become a critical concern. It is essential to protect clients’ financial and personal information, as this confidential data is continuously threatened. Therefore, strict measures must be adopted to safeguard this information.
Importance of Data Protection
The responsibility of protecting data does not rest solely on the technology team, but on everyone who has access to the company’s sensitive information, such as statistics, figures, business details, and employee data. Below are some key perspectives to consider:
Human Errors
Human errors, such as using weak passwords or failing to follow security practices, can lead to data breaches and other cybersecurity incidents.
Authorized Access to Information
It is crucial to maintain strict control over who has access to different folders and information within the company. Administrators and area leaders must protect the information and processes to prevent leaks, as cybercriminals can use common channels to steal data and commit financial fraud or identity theft.
Rigorous Evaluation of Providers
Before entrusting financial and accounting data to an external provider, companies must carefully evaluate their security practices. This includes verifying certifications, regulatory compliance, and data access policies.
Risks of the Digital Era
In 2023, the World Economic Forum ranked cybercrime and cybersecurity at 8th place among global risks classified by severity in the short and long term. The costs of damages caused by cybercriminals are on the rise, with 2,200 daily attacks in the United States alone. According to an analysis by Gartner, it is estimated that by 2025, 45% of companies will have experienced cyberattacks.
Education and Awareness
Training employees on best cybersecurity practices is essential. This includes identifying phishing emails, securely using passwords, and protecting devices.
Multi-Factor Authentication (MFA)
Requiring MFA to access accounting systems reduces the risk of unauthorized access
Network Security
Outsourcing companies must secure their networks with measures such as firewalls, intrusion detection, and data encryption.
Security Assessments
Ensuring that providers have recognized security certifications (such as ISO 27001) and robust cybersecurity policies is crucial.
Outsourcing accounting services offers great benefits such as cost reduction and access to specialists. However, cybersecurity has become an essential priority to protect clients’ financial and personal information. Implementing measures like strict access controls, multifactor authentication, and rigorous vendor assessment is crucial. Additionally, cybersecurity education and awareness among employees are critical to mitigate risks and ensure effective and secure service.
