In the wake of COVID-19, businesses worldwide have shifted their focus to digital platforms that help to carry out day-to-day business as usual. This rapid digital shift has expedited the importance of data privacy and security. With rising internet usage, an increase in cloud technologies, and the growing reliance on digital devices, the importance of cybersecurity continues to grow exponentially.
This rings especially true for financial institutions and wealth management firms along with other highly regulated industries where compliance and security are an absolute must. Thankfully, businesses can reduce their organizational and cybersecurity risks while protecting important documents and data with a Digital Vault Platform.
In this article, we’ll break down three significant ways FutureVault’s Digital Vault Platform helps financial service providers improve compliance regimes while reducing cybersecurity risks across all levels of the organization.
1. Tackle Technology Risks With Active Cybersecurity Oversight
If your organization had no choice but to make a sudden shift to digital document management (and remote working) due to the pandemic, your current technology stack and the processes built around it might not be as secure as you may think. Be sure to be aware of any potential security gaps in your workflow, especially where critical information and data are required to be migrated manually between various online applications.
A Digital Vault Platform can build the foundation for your business plan to protect against cybersecurity threats and ensure that you’re satisfying the compliance requirements of regulators in several ways. With enterprise-grade security, your teams can confidently request, receive, store, and manage critical documents and important files across all stakeholders from the back office to advisors and third-party service providers to your clients.
FutureVault’s platform equips you with the ability to distribute information on a 1-to-1, 1-to-many, or many-to-1 basis all while ensuring information assets containing sensitive corporate and client data are kept safe and secure. When it comes to protecting information and documents, few platforms, if any, come close to the capabilities of what secure Digital Vault Platforms have to offer.
2. Reduce the Impact and Risks of Human Error
Basic human error is often the driver behind successful cybercrimes and data breaches. Commonly, the perpetrators of these fraudulent attempts leverage their victims’ trust—and ignorance—to their advantage. Many of these attacks come as phishing attempts—a seemingly innocent email from a familiar but fraudulent sender asking internal staff to hand over classified information or click on malicious links.
This highlights the importance of training teams on spotting and avoiding online scams and having the right processes and platforms in place for securely storing and sharing information.
It’s especially important to note that regulators, such as the Securities and Exchange Commission (SEC), are enforcing fines on organizations and firms that do not have active policies in place to protect against cybersecurity risks. These prosecutions include punishments for non-compliant standings dealing with data breaches over email.
By implementing a Digital Vault Platform as a core part of operationalizing back and front office document management workflows, organizations gain clarity and confidence in knowing that only individuals with granted permissions can access and view information; no one else. FutureVault’s platform in particular also provides organizations with a real-time audit trail of account and user activity that tracks and records every click, open, share, you name it, taking place in user Vaults so that every action is held accountable for audit readiness purposes. Having this type of functionality is a game-changer for managing compliance and reporting requirements.
FutureVault’s platform ensures good compliance standards across an entire organization by enabling institutions—and its professional service providers—to share, review, and manage critical documents directly within the Vault instead of a less secure and less efficient platform such as a personal email.
3. Protect Member Data with Advanced Security Protocols
With cybercrimes becoming more and more prevalent in our digital world, your business must take the proper action now to protect itself—and clients—from cybersecurity threats. FutureVault’s Digital Vault Platform provides your organization with the right technology necessary to proactively manage potential risks while building the foundation for your company to grow its protective processes and compliance protocols for the future.
As a SOC 2 Type II certified organization, we remain committed to providing our partners, customers, and their clients with best-in-class security and compliance policies to store, manage and protect their information.
Especially when it comes to compliance for financial service organizations, companies need to start thinking about it holistically. Compliance extends across all areas of the business and involves every employee — it’s not relegated to just one committee, group, or department. Because of this, your business needs secure solutions that help multiple aspects of your business when it comes to client data protection.
FutureVault’s security and privacy standards go above and beyond the requirements needed to prevent data loss and interruption. To make sure that all your compliance requirements are met, all Vault data is encrypted and backed up in different regions.
In addition to making sure that all your data is kept safe to meet any and all compliance frameworks, our security protocol adherence also includes advanced features such as vulnerability scanning, penetration testing, patch management, access controls, and secure around-the-clock monitoring, ensuring that your client’s data and information remain safe, secure, and accessible.
What Happens in the Vault, Stays in the Vault
At FutureVault, we believe that information is the ultimate asset class, which is why we incorporate the best security and privacy standards to safeguard important corporate and client data now and well into the future. By leveraging our industry-leading platform, we’re helping financial service providers everywhere significantly improve compliance across their organization while streamlining and improving audit readiness cycles.