Data breaches have continued to cause substantial disruptions for businesses in 2024. One of the year’s biggest breaches, caused by a misconfigured firewall, exposed over 26 billion records. The incident was a wake-up call for businesses worldwide to tighten security and implement proper safeguards for their data.
Using a protected document storage solution and implementing a safe management plan are among the best practices for secure document management. Best practices should guide your operations to mitigate risk and maintain compliance. Below, we’ll cover several steps to prevent vulnerabilities and preserve operational efficiency for your document management system.
Weighing the Risks of Document Management
Poor document management has many causes and even more risks. Throughout the data lifecycle, your information can be threatened by natural disasters, cyber attacks, human error, theft, and more. Implementing many different security measures helps alleviate these threats. Hackers target security vulnerabilities, making it critical for businesses to be aware of weak spots and actively work to resolve issues as they occur.
When handling thousands of records, files, and documents, it helps to separate and classify document types based on their level of risk. Assigning a level of risk makes it easier to decide how the document should be stored. Documents may be stored onsite, online, archived offsite, or securely destroyed. Based on the level assigned, you can determine the best approach for protecting each type of document.
Types of Risk in Document Management
To assign a level of risk to your documents, there are a few questions you can ask yourself. Your answers will help you determine which documents require the highest security measures.
- If this document was compromised, would your company be unable to meet operational goals or objectives? If yes, the document is defined as an operational risk.
- Would the loss or theft of this document affect your ability to protect and document financial decisions or expenditures? If yes, the document is defined as a financial risk.
- If this document was released to the public, would your company lose its status as a reliable, effective, and accountable company? If yes, the document is defined as a reputational or image risk.
- Does this document contain sensitive information that could cause loss or damage to employees, the company, or any physical property if exposed? If yes, the document is a physical or security risk.
Steps to Address Each Level of Risk
Operational Risk
Properly managing operational risks helps organizations protect their operations and expected outcomes. Adopting protective measures, strengthening defenses, and enhancing operational resilience will help minimize potential disruptions to your operations. To reduce operational risk, here are a few steps you can take.
- Increase Data Governance
A clear governance framework ensures that data is managed consistently and accurately. Your policies should define the roles, responsibilities, and best practices for document management. Comprehensive data governance streamlines data processes, improves data quality, and mitigates the risk of mismanagement.
- Reinforce Data Security
Security measures should protect your documents from unauthorized access, cyber threats, and physical breaches. Protections such as firewalls, encryptions, access controls, and intrusion detection systems should be in place. You should also conduct regular security audits and vulnerability assessments to strengthen your defenses.
- Prioritize Patch Management
Regular patch management reduces vulnerabilities to protect from potential threats. Proactive safeguards for your data lessen the likelihood of disruptions and enhance business continuity.
Financial Risk
Strict privacy regulations help protect financial data. A single data breach or regulatory misstep regarding financial information can be disastrous for any business. The key is to balance efficiency with robust security to mitigate risk for documents in this category. To reduce financial risk, here are a few steps you can take.
- Build a Foundation of Compliance
Effective document management prioritizes compliance. Your documents should be organized and accessible at all times to prepare for an audit. Compliance avoids fines/penalties and allows for confident navigation of legal regulations.
- Limit Access to Sensitive Data
Financial information is a primary target for thieves and cybercriminals. Your document management system should restrict access to authorized personnel and include detailed logs to track document changes and user activity.
- Develop a Response Plan
Even with the best document management plan, a breach can still occur. Having a response plan in place can help minimize the damage. Your plan should designate an incident response team, outline notification procedures (for those affected and proper authorities), and detail the steps to contain, investigate, and recover from the breach.
Reputational Risk
A company’s reputation is based on the opinions of clients, customers, investors, business partners, and the general public. Negative opinions can profoundly impact your company’s revenue and success. Businesses must be aware of reputational risk and guard against damage to their image. To reduce reputational risk, here are a few steps you can take.
- Prevent Data Loss
Consumers are paying more attention to how companies use and protect their data. Data-loss scandals and the misuse of personal information can cause major damage to your company’s reputation. A secure document management plan helps ensure that data is protected and handled properly.
- Maintain Accuracy
Unorganized documents can lead to inaccurate reporting. If inaccuracies are exposed, consumers lose trust in your business. An effective document management system has a consistent labeling and organizational system to maintain accuracy and prevent misplaced information.
- Destroy Records Securely
Any document that’s passed its retention period and contains sensitive or personal information should be securely shredded. Document destruction services provide documentation to reduce legal liability and protect your reputation.
Physical Risk
Documents with physical risk may contain information that leaves your property and employees vulnerable. Protecting your documents with professional archiving and secure storage helps prevent your information from leaking and keeps your company safe. To reduce physical risk, here are a few steps you can take.
- Prevent Employee Theft or Misuse of Data
Important documents are more secure when managed by a third-party archiving provider. Professional offsite storage limits the number of people who can access your data and reduces the risk of employee theft or misuse.
- Conduct Regular Audits
Document management is a continual process that requires maintenance. You should conduct regular audits to maintain version control and reduce the chance of a breach. An annual review should also assess compliance and your recordkeeping policies.
- Maintain Physical Security Measures
Any facility that’s storing documents should have additional security measures to prevent break-ins and damage to your documents. Fire and security alarms, cameras, and security personnel are physical security measures that work well to deter threats.
Best Practices for Secure Document Management
Using the steps above, you can create a comprehensive document management plan to protect all types of files and records for your business. Taking the time to properly organize and secure your documents will prevent many headaches and keep your company running smoothly.
Our experts at Record Nations are happy to help if you have any questions regarding secure document management. We can help reduce legal liability, maintain compliance, and protect your critical documents from falling into the wrong hands.
Contact Us for Secure Document Management Services Today
Record Nations will help you create a secure document management program to cover the entire lifecycle of your documents. From creation to conversion and storage to destruction, we offer trusted services to protect your data.
Contact us by calling (866) 385-3706 or filling out the form. Within minutes, we’ll connect you with professional document management companies near you.
