For accounting professionals
Are there any concerns about automatic bank feeds into accounting systems?
It feels risky to allow such links, in light of all we have heard about security (or lack of) in banking systems and in the internet in general. Has anyone heard of incidents, or is everyone happy to trust this system?
Share on Google+
I think it's one of those cases where everybody is happy to trust in the safety and security of the new system until or unless it proves it cannot be trusted.
Case in point from outside the world of accounting: In Scouting, a few years ago now, they rolled out this new system called Compass - it was going to be the next big thing in Scouting, a nationwide database of every member, adult and child; a centralised system for storing everyone's personal data and updating children's records from anywhere, etc etc...It was only when they rolled out the beta version nation-wide that someone discovered a major flaw in the code.
Anybody, anywhere in the country and with any level of permission, doing a search for someone in their own Scout Group, would turn up results from across the country of everybody with the same name as their search parameter. This was obviously a huge security breach, and the system was discontinued for storing children's records until such time as the nature of the breach could be discovered in the code and fixed.
(It never was fully fixed, so the system has never been fully re-implemented. It's still used for storing adult records though because bizarrely the breach only affected the children's records. *shrug*)
Everybody in the movement was quite happy for it to be the Next Big Thing in Scouting software...but as soon as the flaw was discovered, it was dropped like a lead balloon, barely heard of again.
Live bank feeds will be the same I think - the Next Big Thing in online accounting, but if anyone happens to discover a bug that lets hackers in, the whole bank feed system would probably vanish without a trace in days.
Accounts Executive, ғɪᴀʙ ᴍᴀᴀᴛ
QBO & Xero certified advisor
Level 2 Certificate in Accounting
- 17 Jun 2015
Level 3 Diploma in Accounting
- 22 Jan 2016
Level 4 Diploma in Accounting
- 19 Dec 2017
- 27 Mar 2018
Level 6 Advanced Diploma in Accounting and Business...
Corporate and Business Law - 4 Jun 2019
Performance Management - 15 July 2019
Taxation (United Kingdom) - 3 Dec 2019
Financial Reporting - exam in June 2020
Audit and Assurance - exam in March 2020
Financial Management - exam in June 2020
Share on Google+