Ways to Ensure Information Security When Filing XBRL Reports with ACRA
The digitisation of businesses has made data one of the most important assets for gaining business insights. Among these data, financial data remains critical to providing insights that impact long-term business goals and performance. With the adoption of XBRL, financial reporting has become digital, indicating a shift toward automated, diverse, multi-sourced data.
Financial reporting in the digital era has proved beneficial for businesses as it offers automation, improved analytics, real-time reporting, and increased access to information. However, it has also increased the risks of cybersecurity and privacy concerns. Digital financial reporting makes sensitive and confidential data vulnerable to cyberattacks and data breaches, damaging the business’s reputation. So what can be done to ensure information security when filing XBRL reports with ACRA? Continue reading to find out.
Ways to Ensure Information Security During XBRL Filing
The following are some solutions to ensure information security when filing annual XBRL reports:
- Technology Adoption: Investing in good disclosure management software with in-built XBRL tagging can help improve financial information’s reliability, accuracy, and security. It also helps companies meet regulatory compliance and share information easily within the organisation.
- Robust Cybersecurity Measures: Implementing robust cybersecurity measures help prevent unauthorised access to the company’s sensitive financial information by using technical controls like encryption, firewall, and secure authentication. Companies should also hold regular security audits to look for threats, risks, and system flaws.
- Outsourcing to a Trusted Vendor: If you are not looking to prepare XBRL reports in-house, it is critical to choose an XBRL partner with stringent security measures in place. Outsourcing XBRL filing requires sharing sensitive financial information with a third-party vendor. Therefore, make sure to check the outsourced company’s security measures.
DataTracks: Preparing XBRL Reports While Ensuring Information Security
XBRL has made financial reporting standardised, streamlined, and easy to use. But filing financial reports digitally has also increased cyber security threats and risks to critical financial information. Therefore, companies must make dedicated efforts to reduce these threats and increase data security. If you are looking to outsource your XBRL requirements to a third-party vendor, DataTracks can be your best choice!
DataTracks, a global leader in disclosure management, has 18 years of experience in filing XBRL/iXBRL reports for companies all around the globe. With DataTracks, you can ensure not only error-free reports but also the security of your financial information. The company is ISO 27001:2013 certified for Information Security Management. Furthermore, DataTrcaks professionals have successfully prepared over 348,000 compliance reports for more than 23,400 clients. So what are you waiting for? Get in touch with an expert @ +65-31-582-850 or email enquiry@datatracks.com.sg to make your way towards information security and hassle-free reports.