How you can safeguard your data

Here are some things you can do to help protect your files in OneDrive:

• Create a strong password. Check the strength of your password.
• Add security info to your Microsoft account. You can add info like your phone number, an alternate email address, and a security question and answer. That way, if you ever forget your password or your account gets hacked, we can use your security info to verify your identity and help you get back into your account. Go to the Security info page.
• Use two-factor verification. This helps protect your account by requiring you to enter an extra security code whenever you sign in on a device that isn’t trusted. The second factor can be made through a phone call, text message, or app. For more info about two-step verification, see How to use two-step verification with your Microsoft account.
• Enable encryption on your mobile devices. If you have the OneDrive mobile app, we recommend that you enable encryption on your iOS or Android devices. This helps to keep your OneDrive files protected if your mobile device is lost, stolen, or someone gains access to it.
• Subscribe to Microsoft 365. An Microsoft 365 subscription gives you advanced protection from viruses and cybercrime, and ways to recover your files from malicious attacks.

How OneDrive protects your data

Microsoft engineers administer OneDrive using a Windows PowerShell console that requires two-factor authentication. We perform day-to-day tasks by running workflows so we can rapidly respond to new situations. No engineer has standing access to the service. When engineers need access, they must request it. Eligibility is checked, and if engineer access is approved, it’s only for a limited time.

Additionally, OneDrive and Office 365, strongly invests in systems, processes, and personnel to reduce the likelihood of personal data breach and to quickly detect and mitigate consequence of breach if it does occur. Some of our investments in this space include:

Access control systems: OneDrive and Office 365 maintain a “zero-standing access” policy, which means that engineers do not have access to the service unless it is explicitly granted in response to a specific incident that requires elevation of access. Whenever access is granted it is done under the principle of least privilege: permission granted for a specific request only allows for a minimal set of actions required to service that request. To do this, OneDrive and Office 365 maintain strict separation between “elevation roles,” with each role only allowing certain pre-defined actions to be taken. The “Access to Customer Data” role is distinct from other roles that are more commonly used to administer the service and is scrutinized most heavily before approval. Taken together, these investments in access control greatly reduce the likelihood that an engineer in OneDrive or Office 365 inappropriately accesses customer data.

Security monitoring systems and automation: OneDrive and Office 365 maintain robust, real-time security monitoring systems. Among other issues, these systems raise alerts for attempts to illicitly access customer data, or for attempts to illicitly transfer data out of our service. Related to the points about access control mentioned above, our security monitoring systems maintain detailed records of elevation requests that are made, and the actions taken for a given elevation request. OneDrive and Office 365 also maintain automatic resolution investments that automatically act to mitigate threats in response to issues we detect, and dedicated teams for responding to alerts that cannot be resolved automatically. To validate our security monitoring systems, OneDrive and Office 365 regularly conduct red-team exercises in which an internal penetration testing team simulates attacker behavior against the live environment. These exercises lead to regular improvements to our security monitoring and response capabilities.

Personnel and processes: In addition to the automation described above, OneDrive and Office 365 maintain processes and teams responsible for both educating the broader organization about privacy and incident management processes, and for executing those processes during a breach. For example, a detailed privacy breach Standard Operating Procedure (SOP) is maintained and shared with teams throughout the organization. This SOP describes in detail the roles and responsibilities both of individual teams within OneDrive and Office 365 and centralized security incident response teams. These span both what teams need to do to improve their own security posture (conduct security reviews, integrate with central security monitoring systems, and other best practices), and what teams would need to do in the event of an actual breach (rapid escalation to incident response, maintain and provide specific data sources that will be used to expedite the response process). Teams are also regularly trained on data classification, and correct handling and storage procedures for personal data.

The major takeaway is that OneDrive and Office 365, for both consumer and business plans, strongly invest in reducing the likelihood and consequences of personal data breach impacting our customers. If a personal data breach does occur, we are committed to rapidly notifying our customers once that breach is confirmed. 

Protected in transit and at rest

Protected in transit

When data transits into the service from clients, and between datacenters, it’s protected using transport layer security (TLS) encryption. We only permit secure access. We won’t allow authenticated connections over HTTP, but instead redirect to HTTPS.

Protected at rest

Physical protection: Only a limited number of essential personnel can gain access to datacenters. Their identities are verified with multiple factors of authentication including smart cards and biometrics. There are on-premises security officers, motion sensors, and video surveillance. Intrusion detection alerts monitor anomalous activity.

Network protection: The networks and identities are isolated from the Microsoft corporate network. Firewalls limit traffic into the environment from unauthorized locations.

Application security: Engineers who build features follow the security development lifecycle. Automated and manual analyses help identify possible vulnerabilities. The Microsoft Security Response Center helps triage incoming vulnerability reports and evaluate mitigations. Through the Microsoft Cloud Bug Bounty Terms, people across the world can earn money by reporting vulnerabilities.

Content protection: Each file is encrypted at rest with a unique AES256 key. These unique keys are encrypted with a set of master keys that are stored in Azure Key Vault.

Highly available, always recoverable

Our datacenters are geo-distributed within the region and fault tolerant. Data is mirrored into at least two different Azure regions, which are at least several hundred miles away from each other, allowing us to mitigate the impact of a natural disaster or loss within a region.

Continuously validated

We constantly monitor our datacenters to keep them healthy and secure. This starts with inventory. An inventory agent performs a state capture of each machine.

After we have an inventory, we can monitor and remediate the health of machines. Continuous deployment ensures that each machine receives patches, updated anti-virus signatures, and a known good configuration saved. Deployment logic ensures we only patch or rotate out a certain percentage of machines at a time.

The Microsoft 365 “Red Team” within Microsoft is made up of intrusion specialists. They look for any opportunity to gain unauthorized access. The “Blue Team” is made up of defense engineers who focus on prevention, detection, and recovery. They build intrusion detection and response technologies. To keep up with the learnings of the security teams at Microsoft, see Security Office 365 (blog).

Additional OneDrive security features

As a cloud storage service, OneDrive has many other security features. Those include:

• Virus scanning on download for known threats – The Windows Defender anti-malware engine scans documents at download time for content matching an AV signature (updated hourly).
• Suspicious activity monitoring – To prevent unauthorized access to your account, OneDrive monitors for and blocks suspicious sign-in attempts. Additionally, we’ll send you an email notification if we detect unusual activity, such as an attempt to sign in from a new device or location.
• Ransomware detection and recovery – As an Microsoft 365 subscriber, you will get alerted if OneDrive detects a ransomware or malicious attack. You’ll be able to easily recover your ​files to a point in time before they were affected, up to 30 days after the attack. You can also your restore your entire OneDrive up to 30 days after a malicious attack or other types of data loss, such as file corruption, or accidental deletes and edits.
• Version history for all file types – In the case of unwanted edits or accidental deletes, you can restore deleted files from the OneDrive recycle bin or restore a previous version of a file in OneDrive.
• Password protected & expiring sharing links – As an Microsoft 365 subscriber, you can keep your shared files more secure by requiring a password to access them or setting an expiration date on the sharing link.
• Mass file deletion notification and recovery – If you accidentally or intentionally delete a large number of files in your OneDrive cloud backup, we will alert you and provide you with steps to recover those files.

Personal Vault

OneDrive Personal Vault is a protected area in OneDrive that you can only access with a strong authentication method or a second step of identity verification, such as your fingerprint, face, PIN, or a code sent to you via email or SMS.¹ Your locked files in Personal Vault have an extra layer of security, keeping them more secured in case someone gains access to your account or your device. Personal Vault is available on your PC, on OneDrive.com, and on the OneDrive mobile app, and it also includes the following features:

• Scan directly into Personal Vault – You can use the OneDrive mobile app to take pictures or shoot video directly into your Personal Vault, keeping them off less secure areas of your device—such as your camera roll.² You can also scan important travel, identification, vehicle, home, and insurance documents directly into your Personal Vault. And you’ll have access to these photos and documents wherever you go, across your devices.
• BitLocker-encryption – On Windows 10 PCs, OneDrive syncs your Personal Vault files to a BitLocker-encrypted area of your local hard drive.
• Automatic locking – Personal Vault automatically relocks on your PC, device, or online after a short period of inactivity. Once locked, any files you were using will also lock and require re-authentication to access.³

Together, these measures help keep your locked Personal Vault files protected even if your Windows 10 PC or mobile device is lost, stolen, or someone gains access to it.

¹ Face and fingerprint verification requires specialized hardware including a Windows Hello capable device, fingerprint reader, illuminated IR sensor, or other biometric sensors and capable devices.
² The OneDrive app on Android and iOS requires either Android 6.0 or above or iOS 12.0 and above.
³ Automatic locking interval varies by device and can be set by the user.

Source: Microsoft

The post How OneDrive Safeguards Your Data In The Cloud appeared first on Mark Accountants.

Also known as ‘online accounting’, cloud accounting generally makes managing your finances and tax affairs easier, faster and safer for business owners.

What is ‘the cloud’?

When someone mentions ‘the cloud’, they’re referring to a network of remote servers hosted online that store, manage, and process data in place of local servers or personal computers.

Just like Netflix, which made a name for itself as the brand that made TV shows and movies available in the cloud, MYOB specialises in developing accounting tools that can also be accessed, and used, online.

Cloud technology is making services from movies to bookkeeping and accounting available anywhere, anytime.

Ryan Lazanis, CPA, who recently published a list of the 131 best cloud accounting software apps from around the world (which includes MYOB), had this to say about cloud accounting:

“When I ran my accounting firm, our whole value proposition was centered around making our clients’ lives easy and pain-free,” said Lazanis.

“Cloud accounting played a massive role in helping to achieve this. You just can’t beat anywhere, anytime access to your data and the automation benefits of eliminating tedious, time-consuming tasks.

“Cloud accounting was a game-changer for my clients.”

Here’s a brief FAQ to help you understand cloud accounting software better.

What is cloud accounting?

Cloud accounting, or online accounting, is using the internet to access, use and store accounting software and data, rather than physically installing it in a computer. 

You might install the software on your computer (but this is becoming less common), and it runs on remote servers, so you can access it with an internet connection.

In some instances, you won’t need to install the software on your computer and can access it via web browsers. This is becoming the more common scenario.

What are the benefits of cloud accounting?

Cloud-based accounting software offers a number of benefits for businesses. 

1. Storing and managing data

It alleviates the need for businesses to store and manage data, or maintain expensive computer hardware.

2. Low-cost

In some cases, all you need is a mobile device with internet connectivity, making cloud accounting far cheaper than desktop-based solutions.

3. Flexibility

The information can be updated and accessed from any computer anywhere in the world, offering true flexibility in a highly-connected world.

4. Minimises errors

There’s only one ledger kept and that is your file in the cloud, which improves the accuracy of the information and therefore minimises errors at BAS and tax time.

5. Interact in real time

Ledger owners can interact with their tax agent in real time instead of having to collate information and send the data file manually on a regular basis.

6. Up to date

The software is automatically kept up-to-date by the provider, meaning you don’t need to download updates such as new tax rates where the payroll module is used.

MYOB provides cloud accounting solutions

An increasing number of businesses, especially new and startup businesses, are choosing to use cloud-based accounting software such as MYOB Business accounting software to process their day-to-day transactions, manage cash flow and also keep track of purchases and payments.

MYOB Business is suitable for:

• Small businesses with simple accounting needs
• People new to accounting or accounting software
• Businesses that need to transition from manual record-keeping

What about the security of cloud accounting?

Any discussion of cloud technology inevitably brings up concerns regarding security and data privacy, as people quickly realise they’re no longer ‘owning’ their data (and sometimes, their customers’ data).

Being aware of these security concerns is particularly important today, as we see data breach after data breach impacting the world’s biggest brands and their customers’ privacy.

The good news? Your cloud accounting software provider is responsible for this. MYOB spends significant time and resources making certain that their servers maintain a higher level of security and integrity than its customers could maintain of their own accord.

Features like two-factor authentication, among others, are examples of how the security of data held online continues to evolve.

What does cloud accounting mean for your accountant or tax agent?

Accountants, bookkeepers and tax agents are comfortable with recommending cloud accounting to their clients, except when extenuating circumstances prevent them from doing so.

Not only do they recognise the benefits online accounting offers your business, they reap the rewards themselves.

Cloud accounting for bookkeepers

For bookkeepers, cloud accounting means faster documentation, less time spent doing data entry and more time spent offering advice on how business owners can reduce costs or improve their systems.

Cloud accounting for accountants

For accountants, cloud accounting means a more efficient compliance workflow, reducing the chance of duplication or other errors, and the ability to spend more time advising their clients on how to maintain and grow their business.

To give you a practical example, accountants who have clients using MYOB Business can easily log in to their online files come tax time. They can process end-of-year adjustments, which get updated in real time, with no major interruptions to the clients.

Throughout this process, there’s no need to send files back and forth, or verify figures from various sources; it all happens automatically.

Another benefit of using the cloud for advisors is they can review clients’ operating results at any time (including in April or May each year for tax-planning purposes) and provide proactive, timely advice on issues impacting their business (such as falling margins or a looming super payment). This adds more value to the advisor’s service offering by helping to keep the business on track and comply with tax obligations.

Source: MYOB

The post Cloud accounting 101: What is it and who can benefit by using it? appeared first on Mark Accountants.

So what is the cloud?

The cloud is where you put all your data, all your files and even your software so you can access it all from any computer or device, anywhere, at any time. See the difference the cloud can make in how you work, bank, communicate, sell and buy.

• Traditional banking vs internet banking
  It used to be the case that your financial data was only available to you when you were physically at the bank. With internet banking, your financial data is available online in the cloud. You can access it anytime, anywhere and on any device.
• Traditional mail vs web mail
  Traditionally, your correspondence was only available at the post office. Web mail means that your mail is available whenever you’re online. You can send an email anytime, from anywhere and on any device.
• Traditional filing vs cloud storage
  Your files used to only be accessible at the office. With online or cloud storage, your files are conveniently available for you whenever you’re online at anytime, from anywhere.
• Traditional shopping vs online shopping
  When your physical business is only open at limited times and places then customers have a limited time frame to view and buy your products. With online shopping, customers can enjoy the convenience of being able to view products and shop anytime, anywhere and on any device.
• Traditional accounting software vs cloud accounting software
  With traditional desktop software, your data lives on your computer or laptop. This means it’s only available at limited times and on limited devices – and often to a limited number of people. With cloud software, your data lives online, so it’s always accessible from anywhere at any time if you have an internet connection. Good cloud software will also let an unlimited number of people use it at the same time.

Cloud myth busting

The cloud isn’t all rainbows and sunshine, we’re tackling the tough questions about cloud computing so you can be prepared before moving your small business to the cloud.

• Isn’t cloud computing just the internet?
  You use the internet to connect your device to the cloud, but the internet is just the connection – the cloud is where your data lives.
• Isn’t it possible to lose your data in the cloud?
  Your data is actually much safer in the cloud than on your computer. Your computer can be stolen or corrupted quite easily, but cloud companies spend millions on systems and experts to protect your data.
• Isn’t the cloud an Apple product?
  Apple has a product called iCloud which uses cloud technology, but many other companies provide products in the cloud such as Google, Dropbox and Xero.
• Aren’t you stuck if the internet goes down?
  These days, the internet is like electricity – it’s very rare for it to go down and when it does you just have to wait a short time for it to be available again. In the meantime, all your data is safe in the cloud.
• Isn’t cloud computing just a fad?
  The cloud has been around for years and it’s only getting bigger. Internet banking started over 15 years ago. Now the technology is so fast and cheap that it’s being used for everything.
• Isn’t cloud computing expensive? 
  It’s much cheaper because you only pay for what you use. You’re not paying for endless upgrades, system maintenance, support fees or additional hardware like backup systems.
• Don’t I lose control of my data?
  You actually have much more control of your data, since you can access, share and work with your info, anywhere, anytime, on any device. You also control who has access – which you can revoke in an instant.
• Isn’t the cloud only for tech people?
  The cloud is much easier for everyone – you just log in and it works. Imagine: you don’t have to install files, worry about versions, or deal with patches and upgrades. Just log in.

Let the cloud set you free

As you can see, the big benefit of cloud computing is that it lets you get at your data anytime, anywhere. The cloud breaks the chain between your office computer and your business information.

Need access to your business bank account while you’re on the move? No problem with the cloud. Want to buy office supplies while you’re on the train? It’s easy. Need to update your accounts while you’re out of the office? Now you can.

With the cloud there’s no need to keep all your files and applications on a single computer – no need to worry about backups, theft, data loss, support and upgrades. It’s all taken care of by dedicated teams of technical people. You no longer have to worry about what’s happening behind the scenes.

The cloud takes the stress out of computing. It lets you use computers, laptops, tablets, smartphones and other devices to access all your business information – seamlessly, securely and in real time. Just log in and go, anytime and anywhere.

Source: Xero

The post Understanding Cloud Computing appeared first on Mark Accountants.

The cloud is a collection of securely networked physical servers where customers upload and store data that can be accessed from anywhere. Cloud security protects against unauthorized access to data.

Millions of people (or in Google’s case, one billion) use Gmail, Flickr, Apple’s iCloud, and Microsoft OneNote every day. These services rely on the cloud to make sure you can access your pictures, email, to-do lists, and more from your internet-connected device. Cloud security ensures privacy in your daily life.

The convenience of the cloud is often measured against security, privacy and reliability. Here are some common questions about the cloud and information so you can determine the best solution for your business.

Where is my data stored?

You might picture cloud data floating somewhere in the atmosphere waiting for an app or platform to call it into use. The reality is less entertaining but much more secure. Cloud security protects physical devices created to house information while keeping it accessible at a moment’s notice. These data storage servers are lined up in large rooms or warehouses, connected to you via the internet.

Vendors often spread their servers across state lines, and in some cases, continents, so data does not reside in a single place.

When choosing a cloud provider, ensure your data storage will remain in compliance with financial industry rules and regulations.

How is my data protected?

Cloud vendors employ several techniques to keep your data safe. Copies of all your data files are typically stored in more than one geographic location so customers can maintain reliable access in the event of a fire, flood, or natural disaster that impacts a building full of servers.

Vendors like Amazon Web Services, Google and Windows Azure have government and business certifications and business processes that ensure cloud storage and security practices meet strict regulation and compliance standards.

The American Institute of Certified Public Accountants (AICPA), for example, created a set of international service organization-reporting standards known as SSAE 16 and ISAE 3402 to protect data in the cloud.

Organizations entrusted with their customers’ sensitive financial information have no margin for error and are required by law to protect data as fiercely as the banking industry.

What can I do to keep my cloud data safe?

Cloud service vendors go to great lengths to keep data safe (Google data centers tout laser beam intrusion monitors and biometrics as just some of their security measures) but you have an important role in the process, too.

According to a white paper by SkyHigh Networks, 89.6 percent of organizations experience at least one insider threat incident each month. This can be due to malicious activity, but usually consists of events where sensitive information goes to the wrong people.

Consider implementing a policy that requires users to change their password at regular intervals and employing platform tools that automatically log workers out of your system when not in use. Military-grade encryption, restrictive user permission levels and regular backups add additional levels of security to data stored in the cloud.

Cloud accounting data is at its most vulnerable when moving between storage servers and your computer or application. Cloud storage providers encrypt the data while it’s traveling back and forth by encoding it in ways that make it unreadable unless the recipient system has the key that unlocks the code. Most modern cloud-based platforms have decryption features built right into the platform.

Multi-factor authentication is a proven method of protecting customer data that requires users to verify their identity in more than one way to prevent unauthorized system access. It’s often as simple as setting the system to automatically trigger a verification email or text when they attempt to login.

Using activity and online activity monitoring tools can show you who’s accessing your system and what they’re doing once they get there. Vigilant monitoring will help quickly identify and troubleshoot security issues when they arise.

For an extra coat of armor against unauthorized intrusion, consider anti-malware tools. Many cloud-based platforms already include these features and they are also available for purchase from companies that specialize in data security.

Is cloud storage reliable?

Microsoft reports that 75 percent of business professionals it surveyed experienced better service availability after moving to the cloud. Cloud security and reliability is a concern for accounting firms, and one of the cloud’s biggest selling points in a crowded industry where reputation means everything.

What legal issues do I need to know about?

When you’re ready to move to the cloud, there are a couple of legal issues to keep in mind. The AICPA reminds accountants they are legally and ethically bound to protect their clients’ sensitive and confidential information. It recommends that accounting firms take care when selecting a cloud services vendor and writing a clause directly into the service contract requiring the vendor to “assume responsibility and legal liability for confidentiality of data.”

Forensic accountants have additional legal implications to consider due to the nature of their responsibilities to the judicial system.

What are some trends and best practices?

A Kforce survey of U.S. accounting organizations found 28 percent of respondents already invest in cloud services for financial applications and 20 percent are considering adopting it in the future.

Trey James, chief executive of cloud hosting service Xcentric told Accountingweb a few best practices for cloud storage:

• Be wary of malware. Clicking on links or opening attachments within emails from people you don’t know can lead to a data breach.
• Change your passwords frequently and don’t reuse passwords on multiple sites.
• Ask questions of your cloud service provider. Don’t hesitate to dig into information regarding security audits and regulations, off-site backups, physical security practices and two-factor authentication.

Source: Quickbooks

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