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Are my financial records safe with a hosted ERP or financial solution?
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2 Answers
Generally, yes. If you are a smaller business, odds are that an enterprise software as a service vendor has stricter privacy policies, encryption mechanisms and overall security than you could afford or manage as a small business.
I would recommend a few steps when evaluating hosted services of any type:
1. Ask every vendor you speak to what data security and encryption they employ with your data.
2. What types of organizations use their services. Be on the lookout for customers that are government, health care and financial services as they typically require the strictest forms of data security and compliance; ie if a government is using this service, it is probably safe enough for you.
3. Do a quick search online or with the BBB to see if the vendor you are evaluating has any open reports about data leakage or intrusion.
Besides Chris 'comments, your records will be safe as all hosted providers should have some form of disaster recovery plan. However, some hosted providers have proprietary data formats. If you choose to switch providers the format you may extract your data in may not be compatible with other providers. You should consider the switching cost in your provider analysis
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