PUBLISHED: June 17, 2022
Securing financial data is a top priority in business solutions. Multi-factor authentication (MFA), in addition to initial log-in details, is now encouraged by many applications and software to secure your log-in process. However, when it comes to accounting system security, it’s important to know that your financial data is protected without the use of external applications.
What’s wrong with Multi-factor Authentication?
One-time PIN (OTP) set-ups can still be vulnerable to phishing attacks, especially SMS methods. That’s why it’s always broadcasted to never give away your OTP. Some MFA methods can also be recorded through cookies as well. An unauthorized user might be able to use pre-saved information to access your financial data.
- External Security can be a weak spot
Financial data should be protected from potential threats, and a wrongdoer might see Multi-Factor Authentication as an opening for them. It’s better to be ensured that your accounting system itself has safeguards from possible attacks.
Should you be discouraged from using Multi-Factor Authentication?
Absolutely not. Multi-factor authentication is capable of protecting your log-in details. But you have to keep in mind that financial data in an accounting system needs that top notch protection within the system itself so you have less to worry about.
What security features must be present in an accounting software so you no longer have to rely on external applications to ensure safety?
- Audit Trail
With an audit trail feature, accountability in accounting is enhanced. All users of the system can be monitored in a log. You can see who did what action in the system so you can detect where errors have been made and discrepancies can be detected. Being able to see all movement is like having a CCTV but for all changes made in your system.
- Transaction Audit Trail
Now with the Transaction Audit Trail, you can see the specific details of each log. For example, in a transaction, you should be able to see who created it, when it was first created, and how many times it was printed or accessed. With this, you can make sure that the users logged in are accountable.
- User Access Rights
For software licenses with multiple users, a User Access Rights feature must be included. User Access Rights limits the capability of a user while using the system. For example, not all users can have the same permissions as an admin. This ensures that only authorized persons can access your data even within those with log-ins.
Is your accounting system protected by these three internal security features? If your answer is no, you might want to consider QNE Accounting Software, where your financial data is secured with the three security features without the use of external measures. You can make accounting quick and easy and ensure financial data is safe and secure.
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