Data security is sacred for an organization. Any kind of data leak can directly affect the bottom line and reputation of a company. Data loss protection measures are the mandate of the day, given the technological advancements available for hackers too. In a sense, strong secure data management is synonyms with robust bottom lines in the world of business today.
In the line of business that a CA firm falls in, data security is of a heightened importance. Decision making in a CA firm depends on the access to accurate data. Naturally, data procurement and storage is a very important aspect for a CA practice. Traditionally, CA firms are known to save all their data in the most traditional form – hard copies.
Loop holes in saving data as hard copy
A typical CA office layout always includes a room dedicated to file storage with reams of critical client data in the form of hard copies. Secure data management in such a scenario means, having a detailed and methodical document management method including the librarian way of alpha numerical coding, naming, chronological filing. In theory, data managed this way seems like secure data. Such a practice has a few loop holes:-
Box files dedicated for client data in a CA firm, start getting bulky over a period of time. Stretch this period of time to few years or a decade, may be, what you will hold in your hands will be a veritable Herculean load of documents. These files are not easy to read through. They do not offer quick data retrieval.
CA practice management is heavily dependent on statutory guidelines and rules. The rules are subject to changes in government policies. Each new change will not topple the existing documents. They add a lot of changes in the way a particular piece of data can be used. Imagine this with a manifold effect including all the clients a CA firm has. Nightmare!! Right!. Organizing box files for data in a way to pick on it at will and check statutory compliance in the midst of a change in policy is nothing short of an organizational nightmare.
Documents in physical storage are mostly paper. They are prone to all kinds of hazardous damage. Termite attack, water seepage, fire are commonly known. Anytime one of these instances happen, all your collective effort over a period of time to store data is lost.
With the advancement in technology and its affordability, CA firms have reverted to storing digital copies in local hard drives. Is this a fool proof way to secure data management in a CA firm? Let’s weigh a few possibilities.
Data stored on local hard drives is easily susceptible to data corruption. Repeated saves or over writing an existing file to maintain latest information can lead to a corrupt file. On the other hand, saving a newer version of a file with minor changes leads to multiplying data.
Accessing data on local hard drive storage restricts freedom of access. Any employee of a CA firm working in a remote location cannot access data dynamically.
The data on a local drive is really not secure data in the sense that a drive is only protected by a lock mechanism or a password both of which are not impossible to override by an accomplished hacker.
It is beyond anyone’s doubt that data is a must for a CA. Database security is a must. Cloud storage is the safest option for secure data.
Cloud storage is the way to ensure you have access to all the data you want instantly with minimal costs, high security, reliability and proximity. The advantages are many, four of the most prominent ones are:-
Cloud storage allows very secure options like……(…..). These options take away data security worries. In fact, they are put to a permanent rest.
The cost of maintaining a cloud based data storage method is far less expensive. It definitely is nothing in comparison to a maintaining a physical room, files, folders, storage boxes/racks, a personnel to keep track or the cost of a local hard drive.
It is easy to access cloud based data, with bonafide credentials round the clock from anywhere in the world making for efficient work culture.
Cloud based data security options do not consume any space at all.
Powerful work management tool.
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