As the calendar year ends, the Docuworx team urges companies to bolster their cybersecurity measures through a comprehensive risk assessment. This vital process aids businesses in pinpointing vulnerabilities in their current digital practices.

An integral facet of this assessment involves scrutinising the existing document storage methods within the business. This examination is a significant concern for any organisation, as sensitive data is highly susceptible to attacks and immensely damaging if compromised.

If your record-keeping practices haven’t been updated recently, exploring solutions that provide proactive defence for critical documents and improved response measures during disasters is an excellent initiative.

In this blog post, we will delve into critical insights, including:

• The perils associated with neglecting updates to your cybersecurity measures
• A comprehensive definition of a risk assessment
• Essential tips for effectively conducting a cybersecurity risk assessment
• The protective capabilities of Docuworx solutions in safeguarding your business against cyber attacks

The Perils of Neglecting Updates

With each passing year, the surge in cybercrime remains palpable. Shockingly, the statistics report that phishing attacks alone have quadrupled since 2020. Further documented reports underscore the gravity of this issue, which disclosed that many Australian businesses also fell victim to a cyberattack in the last year.

These statistics heighten the significance of cybersecurity awareness, emphasising the pressing need for businesses to scrutinise their current digital risk management and prevention strategies. Notably, the sensitive documents safeguarded by your business are particularly susceptible. Neglecting to adhere to best practices in document storage can expose confidential information, posing a grave threat to the security of your entire organisation.

Consider the perilous scenario where employees store sensitive documents on their local hard drives, unwittingly transforming your organisation into a tempting target for malware or ransomware schemes. Such attacks can give hackers unauthorised access to an employee’s hard drive, enabling them to freeze assets or pilfer valuable information from your company. These escalating and increasingly sophisticated scams are just the tip of the iceberg, underscoring the critical imperative to identify risks and fortify existing data protection measures.

Risk Assessment

A cybersecurity risk assessment is a comprehensive evaluation of an organisation’s digital landscape to identify, assess, and prioritise potential risks and vulnerabilities that could compromise its information systems’ confidentiality, integrity, and availability. This process involves analysing the potential impact and likelihood of various cyber threats and vulnerabilities and then devising strategies to mitigate or manage those risks effectively.

Critical components of a cybersecurity risk assessment include:

• Asset Identification: Identifying and cataloguing all digital and information assets within the organisation, including hardware, software, data, and networks.
• Threat Identification: Identifying potential cyber threats that could target the organisation, such as malware, phishing attacks, insider threats, or denial-of-service attacks.
• Vulnerability Assessment: Assessing the weaknesses or vulnerabilities in the organisation’s systems and networks that cyber threats could exploit.
• Risk Analysis: Evaluating the potential impact and likelihood of identified risks. This evaluation involves quantifying and prioritising threats based on their potential harm and the probability of occurrence.
• Risk Mitigation Planning: Developing strategies and action plans to mitigate or manage identified risks. This strategy may involve implementing security controls, adopting best practices, or investing in new technologies.
• Incident Response Planning: Developing a comprehensive incident response plan to respond to and recover from cybersecurity incidents effectively. This response includes procedures for reporting incidents, isolating affected systems, and restoring normal operations.
• Continuous Monitoring: Implementing ongoing monitoring processes to detect and respond to emerging threats and vulnerabilities. This process includes regularly updating security measures and conducting periodic reassessments.
• Identify Solutions: Once you’ve pinpointed your critical assets, assessed potential threats, and identified security gaps, the next step is to explore solutions. Seek a system that addresses these vulnerabilities and enhances your current security measures.

Leveraging a Document Management Platform such as DocuWare to manage your records and data is an effective security control measure, mitigating numerous potential risks.

Let’s delve into how DocuWare can fortify the security of your information.

Controlled Accessibility: In conventional record-keeping setups, accessibility to outsiders or unauthorised personnel is a concern. It requires little effort to breach.

In contrast, DocuWare offers a robust solution. The system is password-protected and equipped with role-based permissions. This feature empowers your business to precisely manage and allocate access to documents on an account-specific basis, significantly enhancing security measures.

Automatic Version Control: DocuWare document management meticulously tracks all edits, enabling businesses to monitor changes and swiftly detect suspicious activity. With version control, you gain precise insights into any changes to a document, who made them, and exactly when. The outcome of robust revision control in DocuWare is the assurance that your data remains consistently accurate, reliable, and up-to-date.

Tailored Retention Periods: Securing electronic documents is only part of the equation; having a secure method for their deletion is equally crucial. The more sensitive information your business harbours, the greater the risk of data compromise. Hence, best practices advocate disposing of unnecessary documents once they’ve outlived their utility.

DocuWare introduces configurable document retention periods, empowering you to preset deletions and confine document storage within the timeframe mandated by legal compliance.

Leveraging automated deletions in your digital document management system is a streamlined approach that enhances your business’ security measures and eliminates redundant processes for your teams.

Secured Cloud Hosting: The safety of online document storage is a common concern, but hosting data in the cloud is more secure than storing it locally. Cloud services ensure the encryption of hosted data, rendering it indecipherable to unauthorised entities attempting access.

Moreover, cloud servers and their information are highly resistant to physical tampering. These servers are housed in remote, tightly restricted locations, making them impervious to unauthorised access and alterations.

Enhanced Data Reliability: Transitioning to paperless processes often involves storing documents on an in-house server, incurring significant expenses and lacking support in case of server failure. This method entails costs such as hardware, licensing, and maintenance fees.

In contrast, DocuWare Cloud Services provides a more resilient solution. Data stored in the cloud is routinely backed up on multiple servers, significantly minimising the risk of data loss and downtime in the event of a server failure. This critical feature fortifies data security and optimises business efficiency, even during unexpected outages.

Stringent Security Compliance: Collaborating with Microsoft Azure DocuWare ensures industry-leading cloud hosting services for its customers. This strategic partnership brings numerous security benefits, including regular server updates and third-party testing to bolster defence measures.

DocuWare holds many compliance certifications, such as GDPR, SOC 2, ISO 27001, and HIPAA.

Achieving these standards is unattainable in storage systems relying on local drives. DocuWare’s Cloud Services stand out by providing a top-tier defence infrastructure that ensures fully compliant storage of sensitive documents across diverse industries.

Moving Forward: If your business is yet to embrace digital document management, cybersecurity awareness offers a prime opportunity to explore integrating a document management and automation solution, such as DocuWare, an all-encompassing platform that also automates your business processes.

Contact us today to discover how DocuWare can enhance workplace security and streamline business processes, ultimately saving you valuable time.