Why Performing Security Audits Should Be Every Company's Priority

Posted by Alyanna Tagamolila
Aug 31, 2023
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The convenience that we enjoy today, thanks to technology, comes with a price. Everywhere you look, threats to cybersecurity are increasing. Phishing scams and other forms of cyberattack are looking more and more legitimate — with each risk growing increasingly complex.  Because of this, finance and accounting professionals should be on top of protecting their clients’ sensitive financial data. 

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The finance and accounting industry is just one of the many industries that has been positively affected by the continuous technological innovation our society is seeing today. Now, accountants and other professionals have successfully integrated finance technology (fintech) tools and software into their everyday processes. Fintech trends such as cloud accounting as well as blockchain accounting have made routine tasks significantly easier. However, the use of fintech tools comes with risks.  


Read: Five Steps in Boosting Finance and Accounting Cyber Security 


With the sensitive nature of the data that finance and accounting professionals handle, it is only just that they adapt to the growing threats of cyberattacks. When it comes to protection, taking advanced preventive measures is key. One way to do this is to have routine security audits of the finance technology your company is employing. 


Why is it beneficial to do a security audit of your software? 

Improving Client’s Data Security 

Your credibility as a company relies on your clients’ trust as much as it does oin the quality of your services. As you hold on to sensitive information such as bank details, employee information and other sensitive data, you need to make sure that you are regularly checking on your software’s security so that no data breach occurs.  

When you do a security audit, you can identify where your software is vulnerable . It lets you add extra security measures as needed so that client data remains secure and protected.   


Adhering to Regulatory Compliance 

In the world of finance and accounting, regulatory compliance is a necessity. Government regulations, as well as other requirements, constantly change over time, and remaining compliant is essential. If your company fails to comply, it becomes a whirlwind of legal and financial consequences on your end that may risk both your credibility and your company’s financial security. As you do security audits, you’ll be able to check whether or not the guidelines that your software is adhering are the updated regulatory requirements and that your company’s outputs are up to date.   

Regular audits not only ensure that companies are meeting compliance standards but also provide valuable insights into the potential areas where improvement is needed. 


Strengthening Client Relations 

The trust of your clients serves as the lifeblood of your company. In a highly saturated market, your credibility and quality assurance are one of the most effective ways to make sure your clients continue to use your services as well as endorse and help you build a bigger client base. Showing them that you are in the habit of conducting routine security audits shows that you prioritize their business and the safety of their sensitive data. It reassures your clients and shows them that choosing you as their finance and accounting partner was the right choice.  


Reducing Financial Losses 

One security breach in your system can mean drastic financial repercussions for your company. Outside of the breach of data, the legal repercussions of a security breach would mean big expenses on your end, expenses that are not part of the company’s budget.  Routine security audits act as a preventive measure, reducing the likelihood of data breaches and cyberattacks.  


 If you’re in the business of providing finance and accounting services, data security should be your top priority. By adding routine audit checks to your security maintenance procedures, you can take a proactive step towards protecting both you and your clients’ information. In the long run, this will better prepare your company for any vulnerabilities no matter how advanced the nature of the risks and cyberattacks get. 


Read Next: Mobile and Security Threats that your Firm Should be Ready For 


Secure your data today 

We have a wide expertise in handling companies across various industries and have systems in place to secure their data while providing scalable finance and accounting solutions. Contact us today and we’ll help you find the right solution for your needs. 

Download our Outsourcing: How to Make it Work guide today and find out how we provide quality and secure services. 


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Our Outsourcing: How to Make it Work guide explores how you can utilize accounting and finance outsourcing to drive growth to your business and add value to your processes.