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Financial Information Stored in the Cloud

Should Your Financial Information Be Stored in the Cloud?

Storing business information in the cloud using internet-based service providers has become incredibly popular. Many companies have made the switch from storing data in a physical location to cloud-based storage. But is it the right decision? Should your financial information be stored in the cloud?

Whether or not this is the safest option seems to be a debate amongst experts in online security. Some agree that cloud-based storage is more secure than ever, while others are quite vocal in their belief that storing anything you don’t want to lose in a public arena is a bad idea. So, who is right? And what’s right for your business?

We all know that industry hype should never drive your business decisions, so

before switching to cloud-based storage for your business’s sensitive financial information, ask yourself the following questions.

  • Is on-premise storage really more secure than in the cloud? Amazon and Microsoft (Azure) have invested a lot of money, more so than your own company. This could result in better security, but does it? Reputation accounts for a lot, but so does a proven track record.
  • Is there really a cost advantage to moving to the cloud? Does it significantly reduce IT costs? Is an ‘in-the-cloud’ system easier to navigate or troubleshoot than a physical one?
  • Can you create a secure access hierarchy? Who has access to the information stored within the cloud? Can you control what users see and don’t see? How easy is it to do so?
  • Can the provider you’re considering give you a detailed explanation of their security measures? What is their encryption process? How do they ensure your information is kept safe?

 

So, after answering all these questions, is storing your financial information in the cloud a safe bet? It comes down to due diligence. Careful consideration should be given to the pros and cons as well as to choosing the provider that can best meet your company’s needs – whether those needs should be in the cloud or not.

At True Sky, we’ve got a corporate performance management system that takes security very seriously – and a track record that speaks for itself. We can help you determine whether cloud-based storage is right for you, as well as help you through implementing a corporate performance management system that covers all the bases.

Call us today at 1 855 878 3759 or visit www.truesky.com for more information.

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