Thanks for your feedback. I guess the benefits of putting your financial data in the cloud are the same as for any online system: Access your data from any computer, automatic backups, and easily share your data with other people (especially your accountant or co-workers).
The problem is more about marketing - every online system claims to have strong security, and users have no way to test those claims. Users regularly hear reports of data breaches so they become cynical about security do not trust any online system.
Curiously, the efforts by the EU to ban end-to-end encryption [0] may lead to an easier marketing pitch in the US: "Security So Strong It's Banned In Europe!"
You make a good point about liability. Any data breach has a big impact on the reputation of online system, but particularly so with a company that claims to be stronger than the rest. There may also be extra litigation in such cases.
> I guess the benefits of putting your financial data in the cloud are the same as for any online system: Access your data from any computer, automatic backups, and easily share your data with other people (especially your accountant or co-workers).
I definitely could see that applying to business accounting, but not to my personal finances. I don't need to look at the latter very often, and very rarely do I need to share it with someone who can't look at my laptop.
The problem is more about marketing - every online system claims to have strong security, and users have no way to test those claims. Users regularly hear reports of data breaches so they become cynical about security do not trust any online system.
Curiously, the efforts by the EU to ban end-to-end encryption [0] may lead to an easier marketing pitch in the US: "Security So Strong It's Banned In Europe!"
You make a good point about liability. Any data breach has a big impact on the reputation of online system, but particularly so with a company that claims to be stronger than the rest. There may also be extra litigation in such cases.
[0] https://techcrunch.com/2016/08/24/encryption-under-fire-in-e...