Before the widespread use of cloud-based servers, companies were vulnerable to hacking by employees or outside individuals with malicious intentions. Today, accounting on the cloud is safe; in many cases, it’s safer than storing such data in servers on your business premises.
Cloud software vendors keep their servers in data centers in multiple locations under tight security. Further, such companies continually run security tests, and some even simulate hacking drills to identify vulnerabilities to prevent data breaches. You can also count on your accounting software provider to notify you and take action to protect your data in case of any suspicious activity on your account.