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Tax season is a particularly vulnerable time in the financial industry. Sensitive economic documents and identity information are flying back and forth. Because national deadlines are involved, malicious actors (from hackers and scammers to identity thieves) are well aware that this burst of activity is happening and step up their activities to take advantage of it.
If targeted, your organization could suffer lost reputation and business, but also regulatory actions under various privacy laws (GDPR, SOX, HIPAA, FERPA, and more). It’s essential that you take steps to protect both yourself and your customers.
Case Study:
How The Mansfield Building Society Cut Costs & Streamlined Workflows
Founded in 1870, The Mansfield Building Society is a respected UK mutual banking institution handling over £360 million in assets. They made their customers’ privacy and security a top priority, instituting a wide range of industry-leading security protocols to make sure every bit of sensitive information was protected. Unfortunately, while their exacting systems did a great job of keeping things safe, they came at a huge cost in terms of staff time, taking many employees hours to implement each day.
Switching to the XM SendSecure solution allowed them to maintain their extremely high standards while dramatically dropping the amount of time necessary for transactions.
Protect Against Hacks, Viruses, and Accidental Breaches
The ideal file exchange solution should contain ample safeguards against hacking with excellent encryption. A two-factor authentication (2FA) system not only helps prevent interception by malicious actors, but also ensures that if a file is sent to the wrong person by mistake, they can’t open it. The solution should also scan all files for viruses, and an ephemeral storage system should delete files after a set period of time, ensuring they can’t be discovered by hackers after legitimate users have forgotten them.
When The Public is Involved, Security Must Come with Simplicity
When you’re working with the public, security is just as important, but interactions with any individual customer happen too rarely to justify them installing software and being trained on a complex exchange program. They may only use it to communicate with your organization once or twice a year, so it’s key that whatever solution is implemented, be very easy to use.
A secure file exchange system with a simple guest process will pay serious dividends when accepting financial documents for taxes, loan applications, mortgages and more. Not only will customer satisfaction be improved, but your employees can spend time on their actual jobs, rather than being stuck walking people through a complicated process.
XM SendSecure – Security, Flexibility, and Intuitive Design
XM SendSecure is a cutting-edge solution that is highly secure (double encryption, two-factor authentication, automatic virus scanning, ephemeral storage, etc.), flexible to suit a wide variety of industries (on-premises and Cloud implementations, built-in collaboration tools, and automatic audit trail generation for easier regulatory compliance) and intuitively designed to speed employees’ workflows with minimal training while presenting an accessible guest system for outside entities sending your organization files.
Reach out to learn how XM SendSecure can empower your employees and protect your organization with an excellent ROI.
