Regulatory Challenges and Cybersecurity Approaches in Cloud-Based Accounting Systems

Abstract

Introduction: The article examines the development of cloud-based accounting systems and their regulatory support in 2020–2024. The influence of the latest cloud technologies, Microsoft Azure, Amazon Web Services, and Google Cloud, on accounting automation and financial management is analysed. Current regulatory requirements of the European Union, the United States and the countries of the East Asian region are considered with a focus on data security and risk management.

Objectives: The article aims to identify the impact of regulatory requirements and cybersecurity strategies on developing cloud accounting systems in the corporate sector.

Methods: The research methodology used two groups of methods: theoretical and empirical.

Results: The article analyses how developed countries are tightening their cybersecurity and financial regulation requirements, given the increase in transaction volumes and the number of cyber threats. The main development directions of the cloud accounting systems market for the next five years are identified. The article pays special attention to the role of government agencies in developing regulatory standards for cloud accounting systems. The article highlights the impact of international legislation on the structure of data protection systems, such as AWS and Google Cloud. The strategies of the Financial Conduct Authority in the UK and the Monetary Authority of Singapore, which implement technological requirements for cloud providers to ensure market security and stability, are considered. The article outlines the importance of compliance with international standards for cloud solutions.

Conclusions: Thus, the article highlights the challenges of growing cyber threats amid the growing use of cloud-based platforms for financial data processing. The main cybersecurity strategies based on data encryption and multi-factor authentication are outlined.