Financial data is critical information stored by accountants. Accessing such sensitive information is a treasure-hunt for cybercriminals. Despite measures deployed to protect hackers continuously pry for attacking the sensitive data. Data breach attack can cause huge financial loss for the accountants and even create legal implications for them. There have been multiple cyberattacks around the globe related to the breach of confidential data. For example, a cyber-attack on Cash App Investing, LLC in 2021 affected 8.2 million customer records, which included trading activity and brokerage account details. Another such attack on Arthur J. Gallagher & Co. affected 1.14 million customers’ data. Data such as passports, tax identification numbers, credit card information, electronic signatures, and passwords were totally exposed.
Having the control of the financial data is extremely critical for companies and individuals. Accessing financial data, hackers can misuse them for their personal gains. There have been many instances in where the hackers have either asked for a ransom to provide the financial account access to the owner or have used it to achieve financial gains. Accountants store financial information in addition to PII (personal identifiable information) which makes them a potential target of hackers. The accountants routinely collect data like bank account information, transaction details, credit card details, Government ID numbers, social security number, taxation history and investment details. Due to the sensitivity involved, global regulations have been introduced to protect data of the users from malicious predators. The cost of data breach for accountants is not limited to the financial loss but extends to reputational loss caused by damage of the client’s trust.
Need for Data Encryption
The role of accountants has evolved from data collectors to data managers who need to handle, manage, and store data securely from data breaches. Accountants are required to protect both the financial and the personal data of their clients. The protection of the data is not just limited to the clients, it also includes their data related to their profession. The information exchange between financial firms to secure right product for their client, also has the potential for data breach. Today, both the client data and their practice data need to be secured safely. Data breach on either of the data can be disastrous for the accountants.
With the advances in the hacking technologies, password protected files or storing data on the cloud too can be hacked. Data Encryption is a vital data security approach that makes the data secure against cyberattacks. Data encryption ensures that the data, even if hacked, is not misused by the hackers as it cannot be read.
Installing a user-friendly data encryption software like Cryptainer Pro, accountants can easily secure their data. The data encryption software has a simple drag and drop feature making it extremely user-friendly where those with basic computer knowledge can access the product. Cryptainer Pro software locks the data into vaults similar how one would lock their valuables in a safety vault.
Data Encryption Benefits
Cypherix’s Cryptainer Pro is built on Blowfish and AES encryption technology making it compliant with global standards. The data encryption software is compatible with all Windows systems, and hence does not require additional investment in technology by the accountants.
The accountant can keep any file in the vault without compromising the data security, even for a second. In rare cases, if the system gets hacked and the hackers can get the files, they will still not be able to access or read the data using any tools. The encryption software is regularly updated with new security updates, which makes it impossible to decrypt them apart from the original user. Cryptainer Pro is a robust data encryption software which functions efficiently without compromising the productivity of the system. There are multiple daily instances where Cryptainer Pro can overcome the data security challenges, faced by accountants:
- Accountants store data on the disk, drives, folders, or file. Using the drag-and-drop feature in minutes the data can be encrypted into vaults without affecting the working process
- For a client at times historic data may exist which can be of a significant size, the data encryption software works efficiently on heavy files too and processes them in few minutes
- Often the data of a client needs to be amended by the accountant to ensure it is updated. Make changes within encrypted folders and save with simple user-friendly actions which does not call for any technical expertise
- Communication between clients and accountants are frequent especially during the taxation season. This information too can be protected from data breach by Cryptainer Pro’s secure e-mail module. The recipient cannot read the email without the passcode entered by the accountant and DecypherIT software. Thus, the communication though being on public network is safeguarded from the hackers.
- Accountants can be catering to multiple datasets can exist for the same entity. The data encryption software can encrypt an unlimited number of drives without compromising the productivity of the system
- Storage on cloud can be safe too with Cryptainer Pro. Accountants can encrypt the files and upload on the cloud while exchanging with their clients. Clients will need the passcode to access the files, thus data on cloud can be secured too
Loss of devices too can be a potential threat to accountants. By encrypting removable media files and disks, one is protected against physical theft as well.
An accountant has extremely sensitive data of individuals and businesses; if leaked or hacked, it can cost them their reputation and brand value. Considering the sensitive nature of data, accountants must invest in a data encryption software. Cypherix’s Cryptainer Pro has an easy user-interface which makes it an ideal solution for accountants. The data encryption software protects the data by creating encrypted vaults which cannot be accessed by any users unless the passcode exists.
The encrypted data can only be accessed by the owner of the data or the person to whom it has been sent with the password. Using encryption software will give protect the client’s data thus preventing the reputation loss. Even if the data is breached, the data stays secured from misuse. By securing the data with a data encryption software, accountants can meet regulations and safeguard themselves from financial and reputation loss.