With the constant technological innovations, changes in work cultures, and increasing market and customer demands, companies are finding themselves under the pressure of adapting and transforming. One of the most common transformations is Digital Transformation.

Digital transformation is the integration of digital technology into everyday corporate tasks, processes, or assets, to optimize workflow, customer experience, and risk management. It is the migration from an offline environment to a digital environment; it could be as complex as transforming into a digital enterprise, or as simple as integrating a mobile application

Cyber digital transformation cannot happen overnight as it needs a clear strategy set by these business leaders. Digital strategies are also a personalized process as no two companies will ever have the same needs, goals, assets, and tools; however, for a strategy to be successful, it needs reinforced Cybersecurity to be able to transform its digital environment securely. This stems from the need to remain relevant in a hyper-competitive business environment that has come to be due to the new age of data analytics and artificial intelligence.

However, the more companies are adopting these changes, the more they are becoming prone to Data Security Threats or vulnerable Cybersecurity. More and more cybercrime stories are immerging of how companies are losing millions of dollars through Ransomware attacks or breaches in security, causing business leaders to take a second look at how to protect their digitalization processes.

Today, almost all organizations are trying to find security solutions that would stop any cyber-attack and protect them from losses. This brings us to a new challenge that business leaders need to manage: creating a Cybersecurity Strategy to protect their data – A cyber resilience.

Top Security Challenges of Digital Transformation

There are many security challenges hindering the process of digital transformation, and perhaps the most prominent is the expanded attack surfaces and the increased value of data.

Since digital transformation and processes of information are increasing the number of data loads and applications, digitalization opens new network entry points such as mobile and cloud, which ultimately lead to more opportunities for cyber-criminals to attack. Before opting for new strategies or programs, companies should introspect on whether they are ready to face new risks or not.

Data today has become the new oil, which explains why security incidents such as data breaches are exponentially growing. As the awareness of data analytics is increasing in companies as they learn how to use data for their customer services by analyzing their behavior, markets, patterns, and so, they are also becoming more attractive to cyber-attackers who could also use or sell the data they have found. The main causes for digitalization, such as the growing volume of structured and unstructured data as well as the need to access information whenever and wherever are the same causes for vulnerabilities in data security.

Digital Transformation and Cybersecurity

Although speed is the main objective of digitalization, however, it is also the main risk exposing companies to security vulnerabilities as it compromises security controls and overlooks underlying risks when undergoing security transformation, as the rush to achieve this transformation increases the risks of data breaches by 72%. Those risks, however, can really only be determined and foreseen when all entities within a company synergize together – such as security, IT, procurement, administration, finance, and so on.

Cybersecurity and Cybercrimes

Cybersecurity is the process of protecting systems, software, devices, networks, and so on from digital attacks, unauthorized access, or cybercrime. Cybercrimes are usually done to access, change, or destroy sensitive information that could disrupt business processes and even extort money from users.

Cybercrimes can be large enough to cripple businesses of all sizes. Not only can these attacks cost companies financially, however, it can also reflect on brand loyalty when users feel that their privacy is being violated or is vulnerable to exposure. If users feel that their information is in no way being protected, they are prone to taking their business elsewhere – where they feel safe – which can lead companies to lose sales and profits. Not to forget that, in the case of a cyberattack, it can lead to legal consequences, especially in light of the General Data Protection Regulation or GDPR regulatory sanctions.

All businesses, across all fields, have an obligation to ensure that their company is up to date on security threats (such as impersonations, data leaks, fraudulent e-mails and viruses, even loss of intellectual property), and ransomware (malware that encrypts data and is only unlockable after the exchange of a specific fee), and have acquired the best methods to protect data – From training personnel to investing in security solutions.

Customers are trusting companies with their data, and in return, companies must be well-equipped to protect that data, which can only be done with the help of a strategic cybersecurity strategy.

Though the intentions of corporations are pure when it comes to overcoming security threats while undergoing a cyber digital transformation, however, they will encounter multiple challenges as they do – challenges that are unique to their business.

Top Cybersecurity Challenges Faced by Corporations as They Undergo A Digital Transformation

• The procedure may be tedious and be mistaken as not important: while the focus of digitalization will be on speed, innovation, workflow optimization, and automation, cybersecurity may be seen as an extra-cost instead of being recognized as a fundamental requirement.
• The procedure may slow down digital transformation: While the speed of transformation increases risk, adopting security measures may slow down that process due to regulations, training, and so on – an unwanted aspect by business leaders – which is why there needs to be a security team working within the corporation, involved in every aspect of the enterprise.
• The complexity of the process: cybersecurity, unfortunately, isn’t a click of a button on an app, but rather, it consists of a strategy and a comprehensive system instead, aiming to identify potential cyberattacks.
• The undermining of data: we find sometimes, that companies undervalue their data and information for lack of better knowledge. They fail to recognize them as a source of revenue and a chest of hidden potential, which causes them to fail to see how not protecting their data can cost them in the long run.

A Brief Outlook on What Elements A Comprehensive Cybersecurity Strategy Pertains

Awareness:

Understanding and being aware of what the company assets are as well as what their weak points could be can help predict possible cyberattacks.

Response System:

Companies should be equipped with the proper tools that provide an automated counter-attack and stop any incoming threats.

Updates and modifications:

any security framework should constantly be updated and modified to keep up with the digital era trends.

Fast big-data platforms:

Equipped Big Data platforms produce results in real-time, able to detect real-time risks.

Addressing the Threats of Cybersecurity in Digital Transformation

Companies have a responsibility to protect and maintain their consumers’ privacy and data, which is why they need to have a multi-leveled strategy comprised of the following:

Procedures and Policies:

A set of standards of procedures and integrated policies that are incorporated into everyday tasks, or a blueprint for security processes.

Database:

A Vulnerability and risk database that includes the vulnerabilities that the corporation needs to take into consideration.

Product Solutions:

The use of security solutions that are either standalone product solutions, features, or available resources that employees at every level can use.

Decentralization:

The process of decentralized information and transactions protects information in case one information site has been breached, securing the rest of the data while security is being heightened to fix the original breach.

Solution Automation:

Finally, the automation of cybersecurity solutions which get implemented into AI systems in order to detect threat patterns and automatically counter-attack any breaches.

Conclusion

As technology develops, it pushes corporations to improve consumer experiences, causing companies to rush into digital transformation, leaving them increasingly more vulnerable to data security threats. Especially post-pandemic, It is highly important for organizations to make security a founding stone of digital transformation, and not an afterthought, as digital transformations will keep developing with the times and becoming more complex. This is why security approaches are so fundamental to make sure data protection cannot be breached.

However, the journey of a thousand steps starts with one: understanding the importance of your data and why it is valuable and prone to attacks. In case you still haven’t found the answer, Intalio offers you a set of products and solutions such as Records Management, Digital Signature, Data Insights or others which may add another security consideration to your information

Visit our website now to find more tools that turn your data into gold.

As soon as the COVID-19 pandemic started emerging, countries closed down and forced their citizens into confinement. Businesses were involuntarily made to leave their offices and switch to online remote operations immediately, without a transitional period. Before then, the vast majority of companies never had to set data privacy policies or data privacy best practices for online collaborations, nor for the transaction of critical information, such as personal data of customers or beneficiaries, thus, risking the breach of privacy.

Data Privacy is a part of data security that is concerned with how companies handle data, from its collection to its storage, and sharing. However, Data Privacy is regulated worldwide by privacy laws and regulations, such as the EU data protection rules and the US data privacy laws, allowing data subjects to have control over their information and records. Failure to follow these regulations or failure with compliance with the data privacy laws, can cost companies millions in lawsuits. Data Privacy laws in healthcare and financial institutions date back to over 23 years, while the education sector has regulations dating back to 1974.

With almost all an individual’s data residing online now, it is only natural for people to have growing concerns about their private information and how to protect it, which lead to the emergence of Content Services and Solutions such as Records Management, Documents Management, Digital Assets Management and so on.

A deeper dive into Data Privacy

Though some institutions believe that all they have to do in order to comply with Data Privacy regulations is not to share their clients’ information online, there are many challenges beyond the surface that come into play.

Human Error

Human error is the biggest challenge in Data Privacy as using weak passwords, deleting data by mistake, misplacing a personal laptop in a public place, falling for scams and so, may jeopardize the privacy and security of any company’s sensitive data and information. Companies should invest in both data security and privacy training and software solutions that forbid data loss or leakage.

The Cost of Data Breaches

Data breaches or the risk of exposing private information can also cost companies millions of dollars due to regulatory penalties and potential lawsuits. Therefore, it is known to be wiser for a company to invest in key security software solutions that allow proper handling and management of information and vital records.

The Exponential Growth of Data

With megabytes and megabytes of information being created every second, companies must try to keep up with securing and protecting sensitive and personal information such as Personal Identifiable Information (PII), especially with millions of data records being pirated and breached every year. This ongoing and growing traffic of information has made it very challenging for companies to handle and protect so many records and information.

Open System Vulnerabilities

Rapid development in technology and software development means a rapid growth in vulnerabilities. This automatically means an increase of data breaches as well, making it very difficult yet challenging for security administrators to manage without the help of software solutions dedicated to covering security patches.

Not only do companies need to worry about these challenges, but they also need to worry about Data Privacy regulations, such as the General Data Protection Regulation (GDPR), which allows individuals rights to protect their personal data through policies pertaining to the “Right to access personal information”, “right to data portability”, “right to rectification”, and “right to be forgotten”.

These rights, in a nutshell, allow an individual to reach a company holding their personal data, and ask to know about all of their data that the company has, ask for a copy to leave with, ask to adjust wrong information, and finally, have the right to ask the company to delete all their information. Failing to do so on behalf of the organization holding the information, even if by forgetting the tiniest bit of information, may cost the organization millions of dollars for non-compliance.

Records Management Solutions, a Data Privacy Shield

Now, more than ever, with the exponential creation of data and information, and with the increased importance and strictness of regulatory laws, organizations need to have effective records management systems in place.

What is Records Management?

We all know that Records Management or Record Information Management (RIM), is the process that starts with the creation of data up until archival. It ensures the proper maintenance and protection of vital information such as financial and legal documents to name a few. It makes sure that valuable data is classified and preserved, and that data of no value gets discarded according to specific guidelines, in order for the organization to have proper regulatory compliance.

Records Management Features:

Back when everything was done by hand and records were lost or misplaced, companies knew there needed to be a more efficient way of handling data, making way for the digitalization of records. Today, Records Management solutions can help maintain and protect Data Privacy by granting access and authority to specific entities. This also helps organizations reduce the risk of ill-handling of information by untrained employees. It is as well done by an important feature, which is the encryption of documents through PKI and only allowing specific users to decrypt.

Furthermore, these solutions allow secure control and retention, making data removal an easier process, especially in cases where individuals use their “right to be forgotten”. Not only do these solutions offer centralized search results that leave no data unread, but they also identify, reduce, and resolve security and privacy risks.

Top 5 benefits of Records Management

Though the benefits of Records Management are countless and we have already seen many, however, the benefits of such solutions encompass Data Privacy. Here are the top 5 benefits of Record Management systems:

Here are the top 5 benefits of Records Management Systems:

• Effective management of records: from collection to archiving, following specific policies that allow a very small margin of error, in order to organize the exponential growth of data within an institution.
• Reduced redundancy of documents and information: facing the risk of repetition and duplication of data, the system can either inform specific users or automatically follow guidelines on how to process information redundancy.
• Reduced cost of storage: moving from the cost of paper documents stored in costly storage units with the use of supplies to centralized digital easy-to-use platforms securing all the information belonging to a business or organization.
• Elimination of unnecessary files: by properly and safely getting rid of invaluable, outdated, or duplicated files.
• Accountability and timely access: by tracking authority and accountability of use of information on the platform, as well as real-time access and tracking of records and information.

Conclusion

Records Management can help companies in every stage of the data lifecycle, as well as protect and respect Data Privacy rights. Intalio offers Records Management Software with the ability to assign specific identifiers and ensure record authenticity. This solution allows organizations to comply with both internal and external regulations, limiting risks, and breaches.

Beyond the standard features, with Intalio’s Records Management Solution, companies can apply customized procedures to achieve regulatory compliance, as well as define retention schedules with a choice between automatic or manual transitions.

It can also send alerts to stakeholders prompting them to take immediate action, with a pre-configured process that does not allow deletion prior to a required confirmation. And finally, with Intalio’s Record Management solutions, users may generate audit trails and reports which include used media, duplications in other destinations, and event logs.

To learn more about features offered by Intalio’s Record Management Solution, and how it can help you protect your institution’s data privacy, visit our website.