Many advisers seem to be unaware of the new laws around mandatory reporting data breaches that came into effect last week. Entities now have an obligation to report when a data breach is likely to result in serious harm to any individuals whose personal information is involved in the breach.
This further highlights the ever-tightening data and privacy laws within the industry. “Small businesses have been warned the consequences of a data breach can be severe; from financial to brand and reputational damage”, Paul Gracey, director of printing systems for HP South Pacific says.
Rather than viewing these changes in a negative light this can be now used within your practice to gain a competitive advantage by identifying gaps in current services, revealing the need for new or different processes, and enabling better-informed policy making.
Below are a few ways XPLAN can not only aid in eliminating or mitigating the exposure to data breaches but these steps will help you gain other efficiencies within the business.
- Review password policy on XPLAN which ensures stronger password strength.
- Two factor authentication (2FA) to be used as a security protocol that uses two stages to verify the identity of an entity trying to access
- Using Client online access to allow clients to provide and view their data securely.
- Digital signature within XPLAN makes the process of clients signing documents fast, secure and easy. The not-so-humble printer is increasingly becoming the entry point of choice for hackers can be eliminated.
- By saving all your client details within the CRM you will have a secure database to hold all your client data.
These new regulations are already in effect so you will need to investigate your current data collection/store process and identify areas that need to be improved immediately.
The above-mentioned features are at a very high and generic level. However, your Account Manager will be able to provide you with more tailor-made solutions for the areas identified and help you stay on top of the game!
If you would like more information about how IRESS protects your clients' data we are happy to talk you through our security practices and protocols.