Prioritizing security during your financial institution’s digital transformation

Security is on everyone’s minds these days – especially when it comes to financial institutions that use technology as a main component of their service offerings. Many institutions are pushing forward with digital transformation initiatives to provide customers and members with the fast, digitally-enabled processes they desire.

But with this new technology, today’s consumers also want reassurance that their information is safe from hackers and other security threats.

Recently, Hyland enterprise technology expert Dennis Chepurnov wrote about steps organizations can take to improve information security and compliance. In this blog post, we’ll use Chepurnov’s expertise to look at how utilizing content services helps banks and credit unions improve security, while also transforming processes.

Capturing information securely

Many of the features financial institutions need to improve information security and compliance are available in document management solutions – foundational systems within content services – that empower them to ingest, store and access information seamlessly.

The best of these solutions include intelligent capture, an especially powerful tool for your financial institution. It enables automated data classification during capture, allowing you to apply security, access and retention policies to documents, while accurately gathering data.

The right document management solution will include the following functionality:

  • Version control

Ensures that the right version of a document is processed or produced during eDiscovery, critical to secure data processing and holds

  • Records and retention management

Automates the process of declaring documents as records, placing holds and performing retention tasks like automatic deletion or archival, which reduce exposure in case of a breach

  • Automated data classification during capture

Allows organizations to automatically apply security, access and retention policies to documents

  • Data masking and redaction

Enables automated masking of private or confidential information in documents based on business rules

Keeping unstructured data out of risky systems

Today, with the explosion of unstructured data , important information may exist in many systems and applications throughout your organization.

“When sensitive information ends up in unintended places like file shares, email attachments and cloud storage, it creates significant security and compliance risks for an organization,” writes Chepurnov.

In this case, you want to look for a solution that keeps track of unstructured data with these attributes:

  • Federated search

Enables monitoring across any number of systems, sites, applications, repositories, devices and hundreds of file formats

  • Robust querying

Detects keywords, phrases and character patterns in files, attachments and metadata

  • Automated search queries

Generates alerts when the system detects violations

  • A flexible rules engine

Supports multiple departments and different compliance requirements

Collaborating securely

Financial institutions often need to share information with internal and external parties. But without the right enterprise security features, this information can be vulnerable.

One especially risky area for institutions that offer mortgage loans is email. Using personal and unsecured email accounts to exchange documents and financial information with borrowers is extremely risky. Attempts to hack email accounts and phish for financial information are common in the mortgage industry.

A content services platform that offers email client integration, however, provides a secure way to send and receive files – protecting both you and borrowers.

In this instance, Chepurnov notes that you can also use another powerful aspect of content services – an enterprise-grade secure file sharing solution – that includes the following features:

  • Robust access controls

Allows the use of corporate user accounts, SSO integration and easy transfer and revocation of access

  • Data encryption and extensive data center security 

Protects critical content and information with encryption while at rest and in transit

  • Compliance 

Minimizes compliance risks with data protection and location requirements

  • Automated sharing

Reduces errors and the risk of accidental exposure

Minimizing information touch-points                                                                                                        

Automation and system integration are key for streamlining financial processes and improving productivity. But they also help to protect information and reduce risk.

Whenever a system or human worker touches information, it’s considered a touch-point. Having less of these touch-points reduces the chance of exposure or breach.

With these technologies, you can speed processes, decrease touch-points and improve security:

  • Workflow automationrobotic process automation and system integration

Reduces human touches to improve speed and accuracy by automating the flow of information and allowing systems to share information

  • System consolidation

Removes redundant and outdated systems that can introduce unnecessary vulnerabilities into your information management environment

Standardizes data handling processes and provides visibility and accountability

  • Policy distribution workflows

Automatically distributes and tracks acknowledgement of security and compliance policies and helps prove due diligence during litigation or audits

If security is top of mind, choosing a content services platform that already includes the security features above is imperative. Digital transformation can help your organization increase information access, improve competitiveness and stay true to its values, but security must be a key component.

Are you ready to improve your organization’s information security?

* This blog post was originally published on CUInsight.com.

Shane Winnyk

Shane Winnyk

Shane E. Winnyk has been with Hyland for seven years and serves as the Manager of Licensing and Pricing. He also works at Carhartt in Westlake, Ohio, and is a volunteer and board member for The Littlest Heroes.

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