Data Security – The reality check

First off, the intention of this  article is not to discuss the technical aspects of data security, but to  touch on the perceptions of security, when it comes to remotely managed  back-offices.

When we get on a plane, we never  question the skill set of the pilot. We automatically assume that the  airline has followed all FAA regulations to employ only the capable  people to operate the aircraft. We don’t question quality assurance of  the engines and equipment, we assume the maintenance engineers have done  their job right.  Yet, accidents do happen.

When we go to the ER, checking a  doctor’s credentials is the last thing on our mind. (Heck, we don’t even  know if they are “in-network” in our insurance plan till we see the  bill !) . We don’t know the quality and accuracy of the tools they use.  However, we trust the “system”. Yet, fatal mistakes do happen.

We trust the (involuntarily) credit  agencies to protect our most confidential personal data. We all know  what happened with Equifax recently. 

When we go to the bank, we trust the  bank teller (with all due respect to tellers who are honest and  hardworking) who is not at the top of the pay scale, not to divulge our  information to bad guys. We assume that the HR departments have checked  them out and cleared. Yet, we hear about breaches almost every day.

The point I am trying to make here  is, we have to trust people and systems all the time in our daily life.  However, when it comes to having remote teams, people are nervous, and  rightfully so. So, how do you know that you can trust a team that works  remotely, especially if they are a third party? You should be able to  get comfortable by looking into the following areas;

  •    Do they have a good track record?
  •    What do references say?
  •    Are they associated with globally reputed professional bodies? 
  •    Are the  systems they use/propose internally developed OR developed and managed  by reputed fin-tech companies with elevated level of data security?
  •    What are the internal controls to minimize or eliminate data breaches?
  •    What are the human controls to eliminate “one-man-shows” ?

Having a team like Invoisync is not only necessary but it is becoming a must-do in order to compete in the new economy. Whoever your competitors are, they are making use of it sooner or later. So, you need to adopt & adapt and get in the front of the line to be competitive. Trust is a valuable commodity and let’s place it with the right people!

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