Worldwide cybercrimes are estimated to hit the $10.5 trillion mark annually by the end of 2025.
Also, in general, companies suffer a loss of $2.5 million from a malware attack, which could vary for small businesses from $120,000 to $1.24 million.
Another stat says the loss becomes $1.07 million higher, resulting from the work-from-home model.
More importantly, remote workers are primarily targeted today, since such incidents have increased by 238% since the pandemic.
Joining the dots, we can say data today is highly prone to cyberattacks, and it can cause businesses to lose more than just money.
However, that is the only reason why the security measures and standards of your DMS matter so much.
Apart from malwares there are other security concerns too regarding paper-based documentation systems, to be precise, paper-documentation can have the following disadvantages for businesses:
- Lack of control over shared information. Meaning thereby, anyone with whom a particular document is shared can edit, photocopy or further share it with people unauthorised to keep an access of the same.
- Paper-based documentations are also highly prone to catastrophic damages.
- You also have less control over who in your organisation is utilising these documents for unfair practices.
With no control over shared information whatsoever it becomes a task to keep tabs on who is using what information for unauthorised purposes Document Manager gives you all the advantages of business process management automation.
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4 Core Reasons You Need a Secure Document Management System
- For secured collaboration
To carry on regular business processes many a times it requires us to create multiple copies of a single document to further collaborate on projects with other team members and also people outside our organization.
A significant benefit of having a document management system is collaborating efficiently on documents conjointly with team members and guests. You are no longer required to create different versions of documents, and team members can simultaneously work on similar documents and reduce duplicates.
While the benefits of the same are numerous, inefficient DMSs can also have some shortcomings, like the inability to track activities performed on the document.
This obviously is a risk for businesses dealing with confidential and highly sensitive data. If one can edit, delete, or print the same without any records of such activity, one can jeopardize the entire business’s operations and get away with it.
- To retain control over shared information
While collaborating, you share highly confidential information with people, and often they are outside your organization. If your document management system is inefficient and does not let you define access rights and decide who can do what, you will eventually lose control over the information you share.
This can impact you negatively as it will give leverage to those with access to such information. Secure DMSs set out in place features that allow you to avoid such conditions and save yourself losses.
- To prevent unauthorized access to corporate assets
Imagine what would happen if your competitors could access your business plans, contracts, term sheets, and similar highly confidential documents. With paper-based documents, the practice was quite regular; however, it kind of toned down as people shifted to document management solutions.
Companies rely on such solutions to protect their corporate assets. If they don’t maintain security standards, they are, in a way, gambling with the future of the users who entrust them with their needs.
- Protection from cyber frauds
And lastly, cyber frauds are an apparent reason to opt for a document management solution that lives by industry standards of security. You don’t want to fall prey to ransomware and malware that mostly leaves companies with losses they can’t recover from.
Key Functionalities That Make a Document Management System Secure and Reliable
- Audit logs
Intelligent and advanced document management systems allow you to keep tabs on activities being performed on shared documents in your workspace. Audit logs keep you stress-free since you can always go back and analyze which user has made what changes and revoke access anytime you smell something fishy.
- Granular access control
Along with the ability to track users’ activities, you need the capability to define access and sharing rights too. This is so you can restrict guests from editing, copying, printing, and performing actions on the shared documents you do not want them to perform.
Granular Access Control is a functionality that helps you gain control over shared information and prevent unauthorized users from getting access to your corporate assets.
- Encryption
Another important consideration is choosing software that encrypts your data both at rest and in transit. Advanced document management systems like dox2U promise you high-grade security with the help of AES-256-powered encryption. This protects the data that you store with them from any external influences.
Providing security measures like data encryption is necessary for any document management system. Any software solution that does not prioritize security should be ignored at all costs.
What are Some Other Must-have Functionalities for Document Management Systems?
Security is undoubtedly a primary concern. But apart from that, one must also ensure that their software solutions offer the following three functionalities since these are essential to reap high ROI.
- Content-based search
Deep Search, also known as content-based search, is a functionality that allows users to retrieve the required information within seconds with the help of the minor bits of the contents that the document entails. This means you can find the information you want, even if you have forgotten the file’s title.
This feature is essential, so you don’t have to remember the title of each file, and it stays easy to retrieve the information even if the documents increase with time.
- Shared repository
Many cloud-based storing and document management solutions have one common shortcoming, which is they lack integration. During DMS shopping, you must note that you need a software solution that provides a shared repository and does not distribute the same in different file folders since this restricts access and increases information siloes within organizations.
Concluding Remarks
That was all about the document management system you need to ensure your organization benefits from the same while staying safer. Might we suggest you go for dox2U and see if the software fits your requirements or not? The best thing is they offer a lifetime free plan; visit their website and see if you are eligible for the same or not.