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Document Security
is a major issue faced by almost all businesses operating worldwide. When a business uploads its documents onto the internet through cloud storage devices and platforms, they are at a very high risk of falling prey to malicious viruses and dangerous hackers. When placed in a physical form, there is a very high chance that they can be lost or damaged due to consequence like fire or theft.

Many businesses around the world have had to face severe situations of data theft and security breaches, forcing them to pay a heavy price. It is, therefore, a wise and important decision to take security measures seriously when uploading important documents of a business such as bookkeeping records and financial transactions.

An Introduction to Document Security

Document security, defined in literal terms, is the maintenance of security of all of the important documents stored, filed, backed up, processed, delivered and eventually disposed of when no longer needed.

As documents face major security threats, one has to realize the importance of developing a backup and storage plan for documents. It is a much more complicated process than just choosing a storage platform that will provide you ample space. It involves deeply understanding the security features, capacity and ability to maintain a backup in case the documents are lost. If the documents are lost, your document storage platform should have the ability to easily retrieve them.

Many businesses hire companies that provide storage facilities instead of spending cash on renting/leasing more space for storage. This is not only a cost effective method, but also provides sufficient document safety because the storage facility companies guarantee sufficient security.

A cost effective method used by many businesses for document storage is hiring companies that offer document storage services in the form of document storage and management platforms, instead of having to pay a lease for more space. Another major reason that document storage should be a top priority for any business is document security.

Document security
is a highly complex service for document storage that requires a facility to be secure, safe and provides individuals who have the expertise of handling, retrieving and storing documents on the behalf of other businesses/companies.

Although, there are some mistakes related to document storage and management that should be avoided at all costs:

1. Documents that are not labeled or packaged in an organized manner are often very hard to locate. Most facilities complete the task for businesses as they mostly provide their own packaging, retrieval, and storage system.

2. One major factor that many businesses are concerned about is the security of document storage. Most documents stored online are not safe as they are likely to fall prey to malicious attacks on the internet. Documents are easily accessible to third parties and can be hacked despite having security. Therefore, the lack of an effective encryption method can prove to be fatal for a business.

3. Document storage, if not managed properly on a daily basis, can get jumbled up, resulting in a troublesome and time-consuming retrieval process.

The Importance of Document Security

Although document storage seems to be a bit costly and proves to be a little time consuming, it saves the documents from vicious threats if they are properly encrypted, alongside providing the ‘make life easier’ benefit.

With the use of document storage platforms, effective document management can easily be executed as all of the documents can be placed in one spot in an organized manner. Businesses can store all-important documents like bookkeeping and employer records that can easily be accessed when needed.

Secondly, employees working in document storage facilities are highly trained and have security clearance to protect the documents by placing them in damage resistant areas.

Document storage facilities are no doubt the best option for effective document security and efficient management, especially for businesses who have important data they want to keep secure. A cost-effective, secure, and easy to use document security system is a must for your business for executing effective management strategies. 

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

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Why is it Important to Share Sensitive Financial Documents Securely?

Many platforms provide you the opportunity to share and administer file sharing securely and safely. Many easy to use secure methods of safely sharing financial documents online are available.

Safety is an important feature when you are looking to share sensitive information online. Companies and personal profiles today are prone to:

  • Cyber Attacks
  • Hacking
  • Identity Theft
  • Data Breaches
  • Scams
  • Virus
  • Malware
  • Ransomware

All of these risks are lurking around your financial information, day and night. You need to rely on modern security features to keep your data safe.

Use a Password Protected Cloud

The primary step in keeping your data secure is to use a password-protected cloud that ensures maximum security. The recommended method is to use alphabets in lower and upper case, symbols and numbers in combination to share sensitive financial documents securely.

Using a perfect combination in a password makes it virtually impossible for hackers to hack into your device. It’s always important to keep changing your password frequently. Use a good password management application to manage all passwords. Using strong passwords with an unusual combination of alphabet numbers and symbols is a great way to safely share financial documents.

The password can be shared with authorized individuals. You can put a restriction on the document as well. For example, you can limit the access of the records to a few trusted people.

Never Use the Same Password for Every Account

People make one major mistake when dealing with their financial information. They tend to use the same password for their different bank accounts. This practice can lead hackers straight to your entire finances.

Dropbox for sharing Financial Documents

Dropbox is a very secure method for sharing any kind of information online. It provides the user with an option to “share the link”. The link allows specific people, to whom you sent the link, to view or download the file. A Dropbox Pro account is the most secure way to share sensitive financial documents securely. Dropbox has an option for you to delete the link whenever you want.

PGP/GPG

These programs allow for safely sharing financial documents by using public key cryptography to send files securely. The program uses public key encryption to secure the documents and provides a private key for decrypting the files. The private key used for decrypting the files always stays on your device, but the public key is sharable.

Off the Record Messaging Services

Off the record messaging is a feature that allows you to add different messaging programs into a single platform. An application for such an app is Pidgin. Using apps like Pidgin encrypts messages before they leave your device. It has features such as adding extra security codes to ensure that no third party is intercepting the communication.

LastPass Application to Share Sensitive Financial Documents

One of the most efficient ways to share financial information is to use LastPass. LastPass is a service that allows you to keep all usernames and passwords in one place. It allows you to select a login for various services, like Google Docs through email.

Another useful feature of LastPass is that it allows access to financial documents without allowing the person to view the password. It protects the connection with an SSL.

Resilio Sync

This app allows you to synchronize your files using a safe protocol by BitTorrent. The best feature of this device is that, instead of sharing files, the app syncs the files directly between two devices. It’s important for the two devices to be online simultaneously. The files can be shared in real-time and the connection is efficiently secured by a 128-bit AES.

SSH Secure Shell Network

The SSH secure shell network relies on using a network protocol that establishes an encrypted tunnel. The tunnel is secure and gives you a chance to share sensitive financial documents. It gives you a safe platform that you and your correspondent can use with their own username to log in and access the files you have uploaded. On the other hand, you can create a unique account for them to allow them access to your files.

SFTP (Secure File Transfer Protocol) 

The Secure File Transfer Protocol is used as an extension for the SSH protocol used specifically for file sharing. It is one of the best options for safely sharing financial documents. The protocol gives access to a file server. A username and password will be generated that you can use to integrate into the FTP network for file sharing. It’s always better to protect your documents with a strong password.

One Time Pad for Safely Sharing Financial Documents

This application allows you to safely share your financial information by generating a random number. You must meet the other person to share the copy of the pad. This method is not as feasible as the other methods mentioned earlier on the list.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.