Who’s Looking After Your Document Security? Tips for Keeping Your Information Safe

Document security in business has been a concern for years. In fact, security experts have been warning companies they need to take action against these security risks. You can’t protect your company until you understand exactly where the information security pitfalls may arise. Here are the latest statistics along with tips for keeping your information safe.

The Current Security Landscape

Let’s start by examining the current business situation from a security perspective:

  • Cybercrime has jumped by more than 600% since the start of the COVID-19 pandemic (PurpleSec).
  • Data breaches have impacted 94% of companies, with 79% of these breaches taking place within the past two years (IDSA).
  • From January-June 2020, data breaches exposed 36 billion records. (RiskBased).

Remote Working Risks

The pandemic has forced many companies to adopt remote working for employees. This work style isn’t without security risks, however:

  • More than half of legal and compliance leaders (52%) are concerned about security risks due to remote work since the start of the pandemic. (Gartner)
  • Remote working has expanded access to critical business systems by 59% in the last 12 months. (Ponemon Institute)
  • Half of organizations don’t have a formal policy about security requirements for remote employees or contractors. (Ponemon Institute)
  • In 20% of organizations, remote workers have been responsible for a security breach (Malwarebytes). 

Lack of Security Takes a Heavy Toll 

Companies simply can’t afford to ignore the effect of lack of document security. The stakes are too high for the company’s continued financial health.

  • Only five percent of a company’s files, on average, are properly protected. (Varonis)
  • Each employee has access to an average of 11 million of their employer’s files. (Varonis)
  • Seventeen percent of all sensitive files are accessible by all company employees. (Varonis)
  • Close to 66% of financial service companies have over 1,000 sensitive files open to all employees. (Varonis)
  • Ninety-five percent of cybersecurity breaches are caused by human error. (Cybint)
  • Thirty percent of data breaches involve a human action. (Verizon)
  • The average cost per lost or stolen record per individual is $146. (IBM) 

M-Files Reduces Risk to Your Document Security

M-Files is the answer to your security concerns. This software reduces business risk by automating compliance and governance of information. Choosing M-Files for your company will ensure compliance, information security, accuracy, and streamline your auditing process.

Once M-Files is deployed, you will see a 20% improvement in your company’s compliance and audit processes. Only the right people will be granted access to sensitive information.

Since you are taking appropriate steps to protect your company against data leaks, you will greatly reduce the risk of being involved in litigation due to a data breach. Your company reputation is much less likely to put at risk as well.

About M-Files Software

M-Files is an Artificial Intelligence (AI) powered information management solution. This powerful software connects all your company documents and information—across every platform your employees use—and analyzes them to put them into context. Documents are available to the users you designate when they need them, while you maintain control and compliance.

Thousands of companies in over 100 countries already use M-Files to manage their business information and processes. Well-known corporations like NBC Universal, OMV, SAS Institute, and ThyssenKrupp trust this information management solution for their document security.

To learn more about M-Files or schedule a demo to show you exactly how this solution can help you improve document security, contact us today.