Best Practices for Data Security in XBRL Reporting with ACRA

In this digital era, data security has become one of the most critical functions for any business. Even though the transition of financial reporting to a digital format through XBRL has several advantages, it poses a greater risk of data theft and fraud. Since financial data has sensitive information about the company, it is critical to protect this information at all costs. Your company should ensure robust security measures while filing XBRL reports with ACRA. 

If you want to outsource your XBRL requirements to a third-party vendor, ensure they follow the best practices for data security in XBRL reporting with ACRA. DataTracks is one such XBRL partner with policies and practices designed to protect client data confidentiality. The following blog discusses some practices DataTracks implements for data security and confidentiality. 

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!