It is a good decision for finance agencies to adopt cloud computing platforms for their office work. But, cloud storage can give its best result only when financial data safety is proper and updated with the latest protective applications. Well in this post, we are going to list down some protection measures to save crucial financial records.
The decision financial services vendors to move towards e-communication might be a reliable and convenient method for clients. It can be useful in terms of receiving statements, transferring money online, and others. However, this sort of scenario demands for a safe storage place for documents to achieve prevention against data breaches and cybercrimes. If computers are stolen or a system gets crashes, important files stored in PCs can be lost. This is one of the reasons due to which South Africans are adopting cyber storage spaces like Google Drive, Dropbox, Microsoft OneDrive and iCloud, to hold document safely.
Time to Open Up Your Eyes – No matter whether the data is saved on off-premises storage platforms or on-premises, it is essential to apply security standards to mitigate the chances of data loss.
Aside from the advantage of having all records at one place, cloud computing platforms enable customers to access their data from several devices. Of course, some important documents exist like original policy papers, bank accounts secretive details of account’s holders, customers personal records, etc., which users have to secure either in a safe or security box at a bank. Cloud storage environments save people from the time and energy consumed in managing data storage platforms, monitoring them for errors, purchasing hard disks, creating backups, and spending a large amount of finance in maintaining the entire things.
The cloud, basically the firms’ computer system specializing in e-storage, will benefit clients with the advantages of online storage systems. Financial services organizations like Momentum and TaxTim (online tax service vendor) have also moved ahead to offer electronic file storage system to consumers. Marc Sevitz, the director of TaxTim, states you might encounter tax files from, for example, your medical plan on your personal email id and IRP5s on your professional email address. Now you can forward received tax files to a committed email, which TaxTim provides on their receiving. TaxTim will locate the documents in its storage archive itself. This means that when you will be done with your tax return on the TaxTim official website, all the files are availed to you at one place. Also, assessments from the Sars (South African Revenue Service) will be stored for consumers on their TaxTim online profile.
Sars demands to keep the documentary or written proof of tax deduction for 5 years. The responsibility of financial data safety to manage this kind of details is particularly of service vendors at least for those users who are registered on their website. Everything you enter on the website of TaxTim is saved on its servers over an encrypted connection, which means that your data can’t be intercepted. Furthermore, client records get automatically backed up everyday, and stored in encrypted form to be safe from Cyber threats.
Also, companies can offer a protected Cyberspace in which clients can store their core documents. This will enable consumers to access their documents anytime from any place. Registered individuals can use their own set of documents and share them with others who are involved in their financial decisions. Documents should only be used by the customers themselves, restricting business’s employees from accessing them without the permission of clients. Financial services vendors should ensure that they don’t keep data at rest in unencrypted mode. This will reduce half of the occurrence risks of data loss incidents.
Humans Are Majorly Responsible For Financial Data Safety
Let it be a business employee, a company owner, or client – at the end of the day, all are human beings. In different Cyber security surveys, it had been found that the major reason for data loss is unintentional or careless mistakes made by humans. The main problem that leads to such a situation is that people take cloud data security carelessly; not paying attention to learning & implementation financial data safety tips. Even if they learn, they ignore them while working online. This sort of careless scenario is the result of a regular increase in Cyberthreats in today’s date where we have the best technology to secure data. Hackers are getting smarter but, other sets of consumers are simply as they were.
Come on, we have the power to give tough competition to attackers and stop them from performing their intended tasks. For this, you only have to learn and execute good habits while working online and hence, ensure strong financial data safety.