In the era of digitization where data can be transferred in the blink of an eye, businesses are more vulnerable to losing data than ever. The threat is not just from intruders; the risk of data theft is associated with employees as well, and it has proved to be an increasingly critical concern for corporations.
According to a global survey by Symantec, half of employees who lost or left their jobs keep confidential business data with them, and 40% plan to use it in their new jobs! The study also reveals other shocking stats: over 55% of employees don’t consider this a crime, and 68% say their employers don’t take any necessary steps to prevent their access to sensitive information.
This is not the end of the story. This is just the beginning, and there are several other reasons that show why document security is critically important and how it could benefit any business. Let’s look at those now.
Minimizes the Possibility of Data Breach
The biggest benefit of using a document security solution is reducing data theft opportunities. An access-based system can be implemented to allow authorization of sensitive information only to selected people.
Moreover, it also helps in monitoring with a complete audit log that documents activity details for review, in case an authorized user tries to tamper with the data or sharing their authorization details with others.
According to a data breach study conducted by the Ponemon Institute and sponsored by IBM, the average cost of a data breach to a company was $3.5million in 2014, 15% higher as compared to 2013.
However, this expense can be nullified easily if there is a proper document security solution in place. It will not only increase profit margins by cutting down unnecessary costs, but also strengthen the company’s reputation and cultivate dependable customer loyalty in the market.
Protects from Regulatory Fines
Several privacy laws are in place depending on the industry and territory a business is in, such as HIPAA, the Gramm-Leach-Bliley Act, FACTA, and many more, that require a corporation to meet mandatory compliance requirements. Failing to do so can lead to prosecution, fines, or both.
Having a document security solution can restrict unauthorized users’ access to confidential data, guard against sharing with outsiders, and that eventually helps a business meet regulatory requirements by demonstrating that all the proper data protection procedures are in place.
Document security is critically important for businesses that create and publish electronic media. Typically, a document security system safeguards intellectual property by encrypting the data to ensure it can only be accessed by authorized users and cannot be distributed directly. In this sense, it offers the ability to manage and control digital assets better and helps in limiting copyright infringements.
Provides Better Administrative Control
Document security solutions are more of an all-in-one exclusive product and a must for every business that plans to manage its crucial data better. It not only restricts access of data from unauthorized users and offers secure sharing, but also provides the controlling power to enforce how many times an authorized user can access the data, and these controls can be changed even after distribution.
Another interesting feature it offers is automatic expiration and revocation when a document reaches the end of its retention period. This enables better control over data lifecycle and simplifies the daunting task of micro-management.
So when do you plan to implement a document security solution in your organization? Have you used one yet? Are there any other points you would like to add? Please share your views and thanks for reading!