In any business, information is of the utmost importance. Company policies, client information and financial transactions are collectively termed as “data”. Talking about financial transactions, there are various accounting data that need to be stored and kept confidential. In this post we will discuss the significance of protecting your accounting data against cybercrime. Find out how you can secure your data with the use of different robust technologies.<\/p>\n
Simply put, data security<\/a>, system data security, information security or computer security is the way to protect your most important business assets against unauthorized access. And despite what you may believe, it is not just about using the right data security products. In fact, data security combines people and processes with technology to provide better protection throughout the data\u2019s lifecycle. This process includes tokenization, data encryption and key management practices.<\/p>\n Confidentiality, integrity and availability \u2013 also known as the CIA triad \u2013 are the core elements of data protection. The CIA triad is the standard security model for all institutions to follow when it comes to protecting sensitive data.<\/p>\n Confidentiality: <\/strong>This element makes sure that only authorized personnel has access to the data.<\/p>\n Integrity: <\/strong>This ensures that all the information available is accurate and reliable.<\/p>\n Availability: <\/strong>The data is made available and accessible for any business requirements through this element.<\/p>\n Most data breaches are avoidable. Did you know that about 91% of data breaches in the first half of 2015 could have been easily prevented? This was disclosed by the Online Trust Alliance (OTA)<\/a>. However, they do happen, and here\u2019s why:<\/p>\n This is the most primary concept of hacking, where a hacker externally gains access to a system. This can happen through obtaining user credentials or hacking personal devices connected to the network and finding loopholes in the app security.<\/p>\n According to the 2015 Data Breach Investigations Report<\/a> by Verizon, about 50% of all security breaches happened thanks to people inside the organization. And while about 30% of incidents were the result of negligence, roughly 20% were due to insider misuse, where the employee was the culprit. This may be due to financial problems, them feeling unhappy inside the company or planning to leave.<\/p>\n Lost or stolen devices that contain confidential data could cause a security breach. This can happen due to an accident or maybe a planned attack by hackers. This risk increases as more and more employees bring their personal devices to the office. It often begins as an attack on a small group of people and later causes a bigger issue.<\/p>\n This is another very popular method of data breach. Social engineering consists of fooling someone into giving their confidential credentials and then using that as a login to gain access to a system.<\/p>\n Canada has always been a frontrunner when it comes to data protection, thanks to the Personal Information Protection and Electronic Documents Act (PIPEDA)<\/a>. However, after the EU General Data Protection Regulation (GDPR) with effect from May 25, 2018, the scenario impacted Canada as well. Canada has always maintained good relations with the EU, and after the implementation of the GDPR, the rules apply<\/a> to all EEA countries and any other organization or individuals trading with them. In terms of global data privacy, this is perhaps the biggest law ever implemented.<\/p>\n Canada has been enjoying a partial \u2018adequacy\u2019 designation so far regarding any data transfer from the EU to Canada, and the changes due to the GDPR may take time to completely fall into place. In fact, PIPEDA has received the stamp of approval<\/a> from the European Commission (EU) itself.<\/p>\n Accounting or bookkeeping firms process two types of data in general:<\/p>\nCore Elements of Data Security<\/strong><\/h2>\n
Origin of Data Security Threats <\/strong><\/h2>\n
\n
\n
\n
\n
Current Scenario of Data Protection in Canada:\u00a0 Impact of GDPR<\/strong><\/h2>\n