As the lines between office life and our personal lives blur, it’s commonplace for employees of family offices and family businesses to work at home or interact with clients and vendors on their smartphone. That convenience boosts productivity and improves work-life balance, but it undermines data security.
For convenience when working outside the office, it’s become routine for employees to store sensitive company documents on the cloud, whether that’s Google Drive, Evernote, or countless no-frills, free, cloud-storage services. That carefree approach is so commonplace that it even has a name, Bring Your Own Cloud (BYOC) — four words that should strike fear in anyone responsible for data security at a family office or business.
While the assumption is that big-name cloud services are secure even if they are free, research suggests otherwise. A report from RedLock’s Cloud Security Intelligence team finds that “53% of organizations using cloud storage services such as Amazon Simple Storage Service (Amazon S3) had inadvertently exposed one or more such services to the public.” RedLock’s Cloud Security Trends report finds that among the biggest challenges facing firms is storing information on the cloud without encryption. “Research revealed that 81% of organizations are not managing host vulnerabilities in the cloud.”
PC World’s blunt assessment of some of the best-known, free cloud storage services is that they are, “convenient, efficient — and notoriously insecure. Files are rarely encrypted, data transfer is typically not protected, and companies are usually able to access your files (even if they state they won’t, they may be legally compelled to do so).”
So, what should family offices and family businesses do to securely store their critical information? Business News Daily advises, “Cloud storage is one of the best investments a small business can make.” The keyword, of course, is “investment.” Companies need a secure, encrypted service that has all the benefits of the cloud — knowing where important data is filed, a disaster backup, access to files on the go, being able to share documents and multimedia files that are too big for email — without the drawbacks.
That’s the type of security and peace of mind that comes with FutureVault for the Family Office, keeping essential information in an encrypted vault at a secure data center with bank-grade protection. Beyond security, it allows for collaboration with your network of trusted advisors such as family members, wealth managers, accountants, lawyers and executives, negating the need to email sensitive documents such as customer contracts or tax returns. It also makes finding documents easy, coming preloaded with 200 folder directory categories and over 1,400 suggested documents and summary forms, ensuring intelligent organization. It even comes loaded with the latest artificial intelligence — Optical Character Recognition technology recognizes documents and suggests where to file them, making retrieval quick and easy. And, like all great premium services, a concierge is available to help with any issues.
As American’s best investor Warren Buffett says, “Price is what you pay. Value is what you get.” When it comes keeping a family office or business secure, it’s worth paying for real value.