Why you can trust cloud-based apps with sensitive financial data

Companies that don’t have the best IT security might as well leave the front door open with a sign saying ‘help yourself’. And that’s why you can trust financial apps like Solo Expenses, which offer cloud-based security far more resilient than most private networks

Are you one of the people reluctant to commit sensitive financial information to a cloud-based computing app because you’re concerned by a lack of security?

If you are, then right now would be a good time to look at that perception again. The blunt truth is that your business data is more at risk from hackers attacking your own IT network than it is with a cloud-based provider.

UK regional IT systems provider HBP Systems sent one of its employees out on his bicycle to search, electronically and quite legally, for wireless computer networks in a way that reveals the levels of security companies employ. The results were startling, to say the least. More than 80% relied on out-dated security, and a significant number were using factory-standard passwords.

Hacking is a significant industry, with unscrupulous people regularly trying to steal personal data. However, news of the attacks doesn’t always make the media. Sure, the attack on Sony over its North Korean film project did, and so did the UK’s Carphone Warehouse ‘loss’ of information about its mobile telephone customers. Your company’s probably not so big, but the threat it faces is no smaller.

What makes the cloud safer

So why should you trust a finance management app with sensitive data? Time for a reality check, because you probably already are. Have you ever paid a bill on line? Bought gifts on-line from the comfort of your own home in your free time? Then you’ve put personal data into the internet world.

Cloud-based apps, like the free-to-download Solo Expenses tracker, store data in huge server farms. A server farm is a collection of computers with mind-blowingly large storage capacity, and levels of security to match; levels of security you couldn’t hope to match on your personal or company systems.

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What’s more, the data will be replicated. That means exact copies will be stored in more than one location, not only within the server farm, but also at other remote locations and even different countries. That’s something else many companies wouldn’t think to do, or even be able to do independently. The result is that in the extremely unlikely event that one server farm is compromised for whatever reason, another will take over its work – without users having any way of knowing it happened.

Furthermore, if your own premises suffer flood, fire, power failure or just plain vandalism, any data to do with things like tax and VAT that you’ve exported to the cloud via an app is easy to recover, so long as you have a connection to the net, allowing it to be ‘business as usual’ until order is restored.

Don’t be a hacker’s target

Hackers will pick the low-hanging fruit first, because it’s easy. If you’re not using the very latest security, with robust and impossible-to-guess passwords, you’re a prime target.

We’d advise two things: Firstly, talk to your IT provider about how best to beef up the levels of security on your own networks, and secondly, learn to trust the in-built security from an app provider.