As hybrid work gains in popularity, it is natural to ask if working from home puts business information at greater risk of a data breach or cyberattack. According to IBM, Work From Home (WFH) is a factor in 17.5% of all reported breaches, and it increases the average cost of data breaches by more than $1 million (representing a premium of about 25%.) The good news is that any information — handled in the office or remotely — is safer when stored and managed using a content management system that includes automation technology. By digitizing and automating the flow of information, you eliminate cybersecurity threats while saving money and time across the organization.
The Biggest Data Security Issue
What is the biggest data security problem that automation technology can fix? Hands down, it is human error. Ninety-five percent of cybersecurity issues are traced to human error, according to the World Economic Global Risks Report 2022. As workers, we take shortcuts in handling information. We can be careless with paper records and leave electronic records vulnerable on our computers. We forget to update passwords and close files, and we accidentally click on malware.
With digitization and automated content management, paper and electronic files are never left open and unprotected. Technology such as automated folder monitoring ensures files are not lost and forgotten on workers’ computers. Documents are automatically transferred to a centralized system, where they are stored securely and available for fast, anytime access from anywhere. Longer term, automated document retention and destruction scheduling ensures only qualifying vital records are kept, and then only for the appropriate amount of time to meet government, industry, and other regulations.
Additional security protections such as eforms enable the safe collection and management of digital information from the outset. In the case of paper documents, intelligent capture technology provides a reliable, secure way to digitize, identify, organize, and extract important business information. Users of digital mailrooms and automated accounts payable systems report processing accuracy rates above 99 percent.
In addition to eliminating human error, automation gives you added protections against cyber theft. Secure automated folder monitoring and document sharing keeps unauthorized people from accessing the information in the first place. Not only is your information safeguarded but you avoid the costly fines, lawsuits and loss of public trust that come with data breaches. According to IBM Security’s Cost of Data Breach Report 2022. the total cost of a data breach averaged a record $4.35 million in 2022.
Automated Content Management Security Checklist
Additional security protections, whether working in the office or remotely, include controlled document check-in and check-out, and the data protections that come with cloud technology. When evaluating systems, the checklist of needed features is not long but is vital.
1. Application security features should limit user access and track user activity.
2. Physical security needs to include redundant data centers with 24x7 monitoring — for you or your cloud provider.
3. Data security should extend to enhanced password requirements and multi-factor authentication.
4. System security should come with intrusion-detection technology and firewalls.
5. Transmission security should include data encryption both during transmission and while files are at rest in the system.
Two Critical Information Management Benefits
Information management systems offer these security protections regardless of where the work is done: in the office, at home, or on the road. This is especially valuable as the shift to at least part-time remote work is growing in popularity. Eighty-seven percent of workers report they prefer to work remotely at least part of the time, with 58% currently working from home at least one day a week, according to the 2022 McKinsey American Opportunity survey. As these numbers indicate, most employers are on board with hybrid work. A 2021 PwC survey found that 83% of employees rate the post-pandemic shift to at least part-time remote work as a success.
Beyond enabling safe hybrid work, secure automated content management saves time and money by eliminating many manual workplace tasks: data entry, invoice processing, new hire onboarding, and more. The Return on Investment (ROI) is high and should lead businesses of any size to take a closer look. For example, the Mental Health Center of Denver saw a 1,315% ROI after upgrading its legacy imaging solution to automated digitization of its patient records. Woodstock Hospital in Woodstock, Ontario, Canada, saw a 258% return on investment with full project payback in just three months. Implementation is easy, with minimal to no upfront capital and IT investment needed. Look for systems that offer both a storage-based pricing model and subscriptions that are based on feature set and number of users so you can best suit your company’s unique needs.
Conclusion
Today’s data security threats remain widespread with businesses of all sizes at risk. Of the 5,212 breaches with confirmed data loss reported globally in 2021, most were small businesses, according to a report by Statista. No industry is immune, as shown by the steady flow of news stories, including reports of potentially millions of student records being exposed by data breaches across multiple states. In an IBM Security/Ponemon Institute study, more than 80% of companies in varying industries reported more than one data breach. Protecting important business information does not have to be hard and does not have to be expensive. Whether work is done in the office or remotely, an automated content management system provides organizations of any size a cost-effective way to securely store, share, and utilize data, documents, reports, and other information.
HK Bain is the Chief Executive Officer and President at Digitech Systems. Learn more at www.digitechsystems.com.
