Finance firms, from banks to bookkeepers, carry a lot of sensitive data. Private information, bank details, financial historical records – your clients trust you with their critical information, which means you need to ensure it’s adequately protected and easy to organise.
OneDrive for Business is a beacon of reliability, offering robust solutions to safeguard your financial data against the myriad of cyber threats who would love to steal it.
The Significance of Financial Data Security
In recent years, the Australian finance industry has witnessed a surge in data breaches, with numerous businesses grappling with the aftermath of their sensitive data being exposed or stolen. NAB was forced to pay compensation to over 10,000 customers who were exposed in its 2019 data breach.
Compliance is another issue; all financial professionals must adhere to industry standards and data privacy laws. Non-compliance or a lax approach towards data security can result in hefty fines and a tarnished reputation, a scenario every business would want to avert.
What is OneDrive for Business?
OneDrive for Business is a secure cloud storage solution that facilitates not just the storage, but the sharing and management of files within an organisation. This collaborative platform allows teams to work together seamlessly, sharing files and co-authoring documents in real-time.
With features like data encryption, which scrambles your data into an unreadable format, and multi-factor authentication (MFA), which adds an extra layer of security by requiring additional verification, it ensures that your financial data is shielded from nefarious cyber activities. Moreover, OneDrive for Business provides audit logs, enabling you to track who accessed which file and when, offering a transparent overview of your data’s activity.
Securing Financial Data with OneDrive for Business
OneDrive for Business ensures that your financial data is encrypted both during transit (when it’s moving from one place to another) and at rest (when it’s stored). This means that even if cybercriminals intercept your data, all they find is jumbled text, as they don’t have the key to decrypt it.
Managing who has access to what is pivotal in safeguarding sensitive financial data. With OneDrive, you can tailor access permissions, so only the relevant personnel have access to specific files or folders. OneDrive allows you to set sharing permissions, restrict access, and even set expiration dates on shared links, ensuring all data is shared securely and only for as long as necessary.
Keeping a vigilant eye on your data, OneDrive’s audit log features allow you to track file and folder activities, providing insights into who viewed, edited, or shared data, and when this occurred. Additionally, you can set up alerts for unusual or unauthorised access, ensuring that you are promptly informed of any suspicious activities, enabling you to take swift action.
OneDrive for Business Best Practices for Financial Data Management
It’s pivotal to ensure that your financial data is not just stored, but stored wisely. Classifying and organising your data into relevant folders and using descriptive file names can make data retrieval a breeze, and enhance security by making sensitive files easily identifiable for access control. Think of it as a well-organised library, where each book is categorised and placed meticulously for easy and secure access.
A periodic audit of your data, user access, and sharing permissions is akin to a health check-up for your data security. Ensuring that only the relevant individuals have access to specific data and that old, unused files are archived or deleted, keeps your data environment clean and secure. Regular reviews will also help with all compliance requirements regarding data protection, safeguarding your organisation from legal repercussions.
Empowering your team with knowledge is one of the most potent defences against cyber threats. Conducting regular training sessions on the importance of data security, secure data sharing practices, and how to identify potential cyber threats ensures that your team becomes a robust first line of defence against cyber-attacks.
Optimise OneDrive for Business and Secure Your Financial Data with Expert Help
Protecting data is not a one-time task; it’s an ongoing process of vigilance, adaptation, and empowerment, ensuring that as the digital landscape evolves, so do the strategies for safeguarding your most valuable digital assets.
The team at Itopia have the data security expertise, industry knowledge, and resources to optimise your OneDrive environment to your needs, and provide ongoing support to keep your critical data secure. We specialise in providing the cyber security services and support Australian finance professionals need, so reach out to us today.