Optimal Approaches for Ensuring Data Security in XBRL Reporting in Compliance with ACRA

In this digital age, safeguarding data is crucial for any business, particularly when financial reporting moves to a digital platform like the XBRL format. While the shift to XBRL reporting brings numerous benefits, it also increases the risk of data breaches and fraud. Financial data contains sensitive company information, making it imperative to protect this data at all costs.

Ensuring strong security measures while submitting XBRL reports to ACRA is essential for your company’s data integrity. If considering outsourcing your XBRL requirements, it is vital to choose a third-party vendor that adheres to the highest standards of data security in XBRL reporting.

DataTracks stands out as a reliable XBRL partner, with robust policies and practices aimed at ensuring the confidentiality of client data. The following blog provides a deeper insight into the security measures implemented by DataTracks to safeguard data privacy and integrity in XBRL reporting. These measures highlight some of the key advantages of XBRL in enhancing data security despite the inherent risks associated with digital data handling.

For more detailed information on best practices for data security, visit DataTracks’ comprehensive discussion on their blog

Practices Adopted by DataTracks to Ensure XBRL Data Security 

  • DataTracks protects data by preventing unauthorised access to the organisation’s premises and information. 
  • DataTracks’ data centre equipment is powered by uninterrupted power backup, and power cable intersection points undergo a periodic hygiene check. 
  • To ensure client data confidentiality, DataTracks secures the network at the gateway level with IPS, IDS, anti-malware, and gateway anti-virus. 
  • Wireless access to the data is granted only to a limited number of permitted devices. 
  • All computing equipment and software licenses are procured from a recognised vendor. 
  • Workstations at DataTracks do not facilitate any removable storage media, access to external websites or portals, access to emails from other than an approved list of addresses, and storage of data in the central area. 
  • The service delivery zone at DataTracks is kept paper free to prevent data theft or fraud. If paper use is important, the team shreds all the papers before discarding them. 
  • DataTracks stores all client data on an internal server. This data is accessed within the service delivery centre on a strict “need to know” basis. The data gets backed up daily by a scheduler and has a recovery timeline of 12 months. 
  • The client’s financial data stored, accessed, or updated over the services portal is encrypted. The data is backed up until the delivery. Furthermore, the delivered files are retained for 90 days from the delivery date. 

Bottom Line

DataTracks, the leader in disclosure management, never compromises the security or confidentiality of client data. The company has a robust security policy for risk assessment, monitoring, and incident management. Data transfer from desktops and laptops to the network is through a secure encrypted channel, and no executive can store the data on their local storage device. 

DataTracks retains customer data as per Singapore’s Personal Data Protection Act (PDPA). Furthermore, the company’s security policies, practices, and infrastructure comply with ISO/IEC 27001:2013. So what are you waiting for? Secure your financial data and get error-free XBRL reports by partnering with DataTracks. Get in touch with an expert at +65-31-582-850 or email enquiry@datatracks.com.sg TODAY!

Schedule A Demo

Schedule A Demo