Toby Lester
3 minutes length
Posted: 2nd July 2019

Secure cloud-based financial software: averting digital disaster with the cloud

Cloud finance can have huge benefits, like cheaper service, painless automatic updates, and the flexibility to work and collaborate from any location.

However, if your current finance solution is working for you, why would you move?

The simple answer is that you can’t afford not to.

What are the dangers of not adopting cloud finance software?

As businesses expand, there are mounting energy and maintenance costs to keep mission-critical systems working. Over time, these costs can spiral out of control.

On top of that, if you do decide to switch or update your software or hardware, there are steep initial setup costs. There’s also the expense of unexpected repairs, which can catch businesses completely unaware.

The cloud erases all of these issues. You pay for what you use, without worrying about all the additional expenses and potential downtime.

However, depending on your provider, cloud software may also be leaving your organisation vulnerable to attack or digital disaster.

This can lead to compliance violations, loss of sensitive financial information, and reputational and fiscal damage. Since cloud computing’s benefits are so valuable, it’s here to stay – so what vulnerabilities should you be aware of before choosing a cloud finance software package?

Unauthorised access

The most basic of vulnerabilities is the loss of an account. This provides hijackers with easy access to your sensitive financial information – and you could be none the wiser.

There’s also the risk of account hijacking. Phishing, or stealing user credentials by posing as somebody else, is becoming more and more common and sophisticated.

Secure cloud financial services, such as PS Cloud, require double layer authentication to access, so only your real users can gain access; swiping a password isn’t enough to gain entry.

Forced entry

If a cloud service can be remotely hacked, it’s not even worth considering. As hackers and online thieves develop more sophisticated tools, it’s crucial for cloud security to keep up.

Some cloud services cut corners by pooling your server environment with other users’ databases, making it relatively easy for malicious users to bridge the gap and access your data.

Secure cloud financial services protect your data by isolating it on a dedicated server environment, with no shared databases.

The threat of downtime

Downtime is the bane of businesses everywhere. Without mission-critical services, your employees can do little but twiddle their thumbs and pray you’ll come back online in time to meet the crunch.

If you’re concerned about the threat of downtime, look for a cloud service that has proactive remote monitoring. This clever solution is constantly looking out for any potential issues on your cloud network, whether it’s a physical hardware issue or an outdated software issue.

Data loss

Few thoughts are more terrifying than losing your customers’ financial data. Server outages do happen, with devastating consequences. If your chosen cloud solution hasn’t prepared for power outages or internet faults, you run the risk of losing days, weeks, or even months of work.

Top cloud financial services, such as PS Cloud, employ daily backups to a secure secondary location, so your data is secure. They also have multiple redundant energy sources and resilient connections to a number of network providers, so your data is safe.

Physical damage and theft

Nowadays, data is as valuable as gold. There have been cases of physical servers hosting valuable financial information being stolen from cloud facilities, with devastating consequences.

PS Cloud is as safe as they come, hosted in a highly secure UK-based datacentre with tier 3 and ISO 27001 compliance. There’s also an advanced fire detection system and gas and water protection. The only safer place to host your data would be on the Moon – which would have serious connectivity issues.

Moving to the cloud

Nowadays, organisations can’t afford to delay moving to the cloud. Your mission-critical financial services can be hosted safely and securely on PS Cloud, with the added benefit of IRIS Financials’ market-leading software. In fact, PS Cloud comes complete with disaster-averting feature listed above.

Begin your journey to the cloud today by visiting our website.
/products/ps-cloud/