You don’t have to work in the financial services industry to know that it’s a huge target for cybercrime.
Given their huge stores of personal financial data — including banking accounts, credit cards, and other personal identifiable information (PII) — financial services firms fall victim to cyberattacks a shocking 300x more than other industries.
Since the pandemic, those numbers have only worsened. The quick switch to working from home forced many teams to make adjustments on the fly… often while leaving security on the backburner.
Amid that chaos, cyberattacks against financial companies grew by 238% over a six-month period in 2020.
But as "going digital" becomes the norm both for internal business processes and client services, financial organizations can’t afford to stick to the status quo when it comes to managing internal documents and customer records.
To protect their businesses and customers from risk, financial services firms are turning to cloud-based document management systems (DMS) to keep their confidential, valuable files secure.
Not familiar with document management? No worries.
At its core, a DMS is the tool your firm uses to store and manage documents, including repositories, workflows, access control, information retrieval, and more. A cloud-based DMS offers advanced security that helps reduce your organization’s risk of a data breach while providing easy access to the information people need to do their best work.
Financial services organizations also use DMS platforms to help them store records compliantly, as required by FINRA and the SEC. By using a DMS provider that has earned compliance certifications for various privacy and security standards, financial firms can take advantage of pass-through compliance, wherein you are compliant because your service provider is.
Keeping records secure and compliant is absolutely crucial for any financial organization. Unfortunately, many businesses end up sacrificing their team’s productivity and ability to collaborate by forcing them to jump through a dozen hoops to access the information they need.
Rather than helping teams stay compliant, this approach often leads employees to find non-compliant workarounds that can expose your organization to risk.
So how do you keep your organization protected and productive?
It’s pretty simple: You need a document management system (DMS) that provides security, compliance, and productivity – no compromises. With the right platform, your entire team can access benefits like:
And much more!
Want to see how a document management system can help your organization stay productive and protected?
Download your copy of The Definitive Guide to Document Management for Financial Services to learn some of the many benefits of a DMS, plus how to choose the right platform for your team.
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