As you move your organization into the digital era, it’s important to prioritize security, for the safety of your client information, your institutional success, and your legal liabilities.
Financial institutions need to pay attention to certain things when undergoing this essential process. In this blog post, PaperSave experts will outline how you can employ the latest digital technologies to not only streamline your processes but improve your data security, too.
Document management systems (DMS) — PaperSave’s particular area of expertise — actually contain much of the necessary components needed for a financial institution’s improved information security and compliance within them.
One such feature is called intelligent capture, the automated process of identifying and isolating critical information from both digital and physical documents. This powerful feature limits overhead expenses and makes your organization more efficient. With it, you can automate data classification during the capture process, which can aid in formulating security and access policies for all the data you gather.
With data properly classified, you’re then ready to automate maintenance processes like the regular archiving and deleting of old files, which reduces exposure in the case of a future breach, as well as data masking for private or confidential documents and data.
Limiting risk from unstructured data
Essential information isn’t always formatted for easy capture and classification. Recent years have brought about what many consider an explosion of “unstructured data,” or data that exists outside of the normal channels of a financial firm’s information-seeking processes.
Loan and account applications require more verification than ever, and sources of corroborating information can be found further afield than traditionally sought. Plus, much of the information you may already have is likely distributed across several applications and platforms throughout your organization in an unstructured manner.
Your company is at significant risk if it finds itself with sensitive or confidential information scattered about in impromptu places like unsecured cloud storage platforms, email attachments, or online file sharing services.
Make sure your digital solution includes an option for federated searches, which allow you to monitor a number of systems, sites, applications and databases simultaneously. You also want to look for robust unstructured search features that allow for the detection of keywords, phrases, and patterns across your data.
You already know that it’s necessary to work with outside parties, including regulators, credit agencies and other financial institutions. But communicating and collaborating with these parties also come with certain risks.
A big threat here is the use of personal, unsecured email clients for communicating important financial information. Relying on personal, unsecured email platforms to communicate among borrowers and lenders is extraordinarily risky. Within the mortgage industry, email hacking and phishing attempts are incredibly common, and financial information highly sought after.
But a DMS or content services platform that also includes email client integration can go a long way in keeping you and your clients and collaborators protected. Just make sure high-end data encryption and continuous data center security monitoring are included.
Automate, automate, automate
Every time a human being comes into contact with sensitive data, risk is involved. These human-data interactions are often referred to as information touchpoints, so limiting information touchpoints is a great way to secure your business.
One effective way to do this is to automate wherever you can. It’s a theme that is to some degree present in every tool and consideration mentioned above, but it deserves stating outright: automation keeps sensitive information safe from breach and exposure. Every process and workflow system that you can automate, you should.
If you’re concerned about your cybersecurity as you move into your digital future, PaperSave can help. Choosing the right DMS with the right set of features is an important first step. Keeping the above factors in mind and selecting solutions wisely will set you on the road to realizing all the benefits of increased information access and improved efficiency, data safety, security emerging technologies provide. If you’re ready, call us today or schedule a free personalized demo.