Data breach. Those two little words can strike fear into the heart of any business professional. In 2014 alone, over 1 billion records containing personal identifiable information were stolen as a result of thousands of security breaches around the world.
These breaches are not only damaging to companies and their reputations, but they are also extremely costly. According to the Ponemon Insitute’s 2015 Global Cost of a Data Breach Study, the average cost of one lost or stolen record containing sensitive information is $154. And that’s just the cost of one document. Imagine the potential cost of a serious breach involving hundreds or thousands of your business’s critical documents. The consequences could be devastating for your organization.
Document security risks come in both paper and digital form. Documents that are physically stored are at risk of theft, damage from floods and fires, and exposure to unauthorized personnel. Crucial company information stored in unsecured email inboxes, network folders and other digital locations lacking appropriate security is left exposed to malicious cyber attacks that can cost your company exorbitant amounts in damages. Your business also runs the risk of losing the confidence of customers, partners and investors if confidential data is stolen or destroyed—which can be just as devastating as a monetary loss.
Protecting your company’s sensitive information is a challenge, but it can be done. A great place to start is implementing a document management system that will capture, process and store your documents with tight security from start to finish. Here are 3 ways document management protects your company from a data breach:
- Move documents from unsecure storage locations into a secure digital repository. PSIcapture can capture scanned documents or those imported from various digital storage locations, extract the data and transform the documents into fully searchable PDF documents. PSIcapture can also create a PDF password to protect your most sensitive documents. Your documents can then be automatically routed to any of 60+ compatible ECM systems. PSIcapture is also able to integrate with your ECM security system, leaving no gaps in security during the capture process. The result is that sensitive information is better protected and your company has greatly decreased the risk of a document security breach.
- Assign user roles to enhance security. With PSIcapture, you can assign roles to determine which modules and document types (configurations) can be accessed by each operator. This eliminates the possibility for information to be accessed by the wrong personnel. Your ECM system should also provide the ability to assign specific roles to users so that sensitive information is only accessible to those authorized to have it.
- Monitor potential threats with oversight features. With PSIcapture’s Reporting module, you can review the activity surrounding your documents and determine whether anything suspicious has occurred, such as after-hours access or other irregular activity. Catch potential problems early on and avoid major security issues down the road.
With the ever-changing landscape of technology and security, keeping up with document security is no simple task. And even some of the most prepared institutions still fall prey to data breaches. However, by having a document management strategy in place to mitigate the risk, you greatly reduce your company’s chances of falling victim to a data breach. To learn more about using PSIGEN for your document capture and data extraction needs, contact a member of our sales team today.