Content Services for the Future of Banking – Investing in information security

Introduction

How Financial Services are investing in information security

In today’s rapidly evolving digital landscape, where financial transactions occur at the speed of light and customer information is shared across various channels, the need for robust information security measures has never been more critical. Banks and credit unions, as custodians of sensitive financial data, are entrusted with protecting the assets and privacy of their customers. This responsibility requires an unwavering commitment to implementing advanced security solutions. One potent strategy for achieving this is the integration of Enterprise Content Management (ECM) systems, like Hyland OnBase, also known as known Nautilus, and cloud hosting services.

In part three of our series on building a data infrastructure for the future of banking, we will delve into the rationale behind investing in information security using ECM and cloud hosting, outlining the benefits and best practices that financial institutions should consider.

The power of ECM and OnBase

An ECM system serves as a comprehensive solution for managing, organizing, and securing an organization’s information assets. For banks and credit unions, ECM systems like OnBase offer a multitude of benefits:

1. Data Centralization: ECM systems consolidate data from various sources into a single, centralized repository, allowing for streamlined access and efficient management.

2. Enhanced Security: ECM systems provide robust security features, such as role-based access control, encryption, and audit trails, safeguarding sensitive financial and customer data from unauthorized access.

3. Compliance and Regulation: The financial sector is heavily regulated, necessitating the strict adherence to compliance standards. ECM systems offer features that aid in maintaining compliance by ensuring proper recordkeeping, data retention, and audit readiness.

4. Workflow Efficiency: ECM systems facilitate seamless collaboration among bank employees, enabling them to share, review, and approve documents efficiently. This boosts productivity and reduces the likelihood of security vulnerabilities arising from human error.

Empowering security with cloud hosting

Cloud hosting complements ECM systems by providing a scalable, secure, and flexible infrastructure to support information management efforts. Here’s why cloud hosting is a game-changer for banks and credit unions:

1. Scalability: Cloud hosting allows financial institutions to scale their operations seamlessly without the constraints of traditional infrastructure. This scalability is especially crucial during peak transaction periods.

2. Redundancy and Disaster Recovery: Cloud hosting providers offer robust redundancy and disaster recovery mechanisms, ensuring that data remains available even in the face of hardware failures or natural disasters.

3. Enhanced Security Measures: Reputable cloud hosting providers invest heavily in state-of-the-art security measures, including advanced firewalls, intrusion detection systems, encryption, and constant monitoring. This often exceeds the security capabilities of on-premises systems.

4. Cost-Efficiency: Cloud hosting eliminates the need for substantial upfront hardware investments and ongoing maintenance costs. Financial institutions can opt for pay-as-you-go models, optimizing resource allocation.

Best practices for implementation

1. Vendor Evaluation: Carefully select ECM and cloud hosting vendors with proven track records in the financial sector. Look for certifications such as ISO 27001 to ensure compliance with industry standards.

2. Data Classification: Classify data based on its sensitivity and assign appropriate security measures accordingly. Not all data requires the same level of protection.

3. Employee Training: Educate employees about the importance of data security and train them to recognize phishing attempts and other cyber threats.

4. Regular Audits: Conduct regular security audits and penetration testing to identify vulnerabilities and address them promptly

5. Data Encryption: Encrypt data both in transit and at rest to thwart potential breaches.

The OnBase teams of the future

Fully utilizing systems like OnBase/Nautilus and cloud hosting offers a potent strategy for banks and credit unions to fortify their information security efforts. By centralizing data, enhancing collaboration, and leveraging robust cloud security measures, financial institutions can mitigate risks, ensure compliance, and build customer trust in an increasingly digital world. The investment in these technologies not only safeguards sensitive information but also positions these institutions as leaders in the ongoing battle against cyber threats.