Prioritizing security in your credit union’s digital transformation

Security is on everyone’s minds these days – especially when it comes to financial institutions that use technology as a main component of their service offerings. Many credit unions are pushing forward with digital transformation initiatives to provide members with the fast, digitally-enabled processes they desire. But today’s consumers also want reassurance that their information is safe from hackers and other security threats.

Hyland enterprise technology expert Dennis Chepernov recently wrote about steps to improve information security and compliance for all organizations. In this blog, we’ll use Chepernov’s expertise to look at the enterprise content management technologies that can help credit unions improve security, while also transforming processes.

Document management – now more relevant than ever

Many of the features credit unions need to improve information security and compliance are found in document management solutions that empower organizations to ingest, store and access information seamlessly.

The best of these solutions include intelligent capture, an especially powerful tool for financial institutions. It enables automated data classification during capture, allowing credit unions to apply security, access and retention policies to documents, while accurately gathering data.

Credit unions should look for document management solutions that include the following:

  • Version control is critical to secure data processing and holds, ensuring that the right version of a document is processed or produced during eDiscovery
  • Records and retention management automates the process of declaring documents as records, placing holds and performing retention tasks like automatic deletion or archival, which reduce exposure in case of a breach
  • Automated data classification during capture allows organizations to automatically apply security, access and retention policies to documents
  • Data masking and redaction enables automated masking of private or confidential information in documents based on business rules

Keep sensitive information out of risky systems

Today, with the explosion of unstructured data for credit unions, data may exist in many systems and applications throughout your organization. “When sensitive information ends up in unintended places like file shares, email attachments and cloud storage, it creates significant security and compliance risks for an organization,” writes Chepurnov.

These features can help credit unions keep track of this information:

  • Federated search enables monitoring across any number of systems, sites, applications, repositories, devices and hundreds of file formats
  • Robust querying detects keywords, phrases and character patterns in files, attachments and metadata
  • Automated search queries generate alerts when the system detects violations
  • A flexible rules engine supports multiple departments and different compliance requirements

Collaborate securely

Like other financial institutions, credit unions often have to share information with internal and external parties. But without the right enterprise security features, information can be vulnerable.

One especially risky area for credit unions that offer mortgage loans is email. Using personal and unsecured email accounts to exchange documents and financial information with borrowers is extremely risky. Attempts to hack email accounts and phish for financial information are common in the mortgage industry. A content management platform that offers email client integration, however, provides a secure way to send and receive files – protecting your member borrowers and your credit union.

Chepernov suggests using an enterprise-grade file sharing service that includes the following features:

  • Robust access controls allow the use of corporate user accounts, SSO integration and easy transfer and revocation of access
  • Data encryption and extensive data center security protect your information
  • Compliance with data protection and location requirements minimizes compliance risks
  • Automated sharing reduces errors and the risk of accidental exposure

Minimize information touch-points

Automation and system integration are key for streamlining credit union processes and improving productivity. But they also help to protect information and reduce risk. A data touch-point happens whenever a system or human worker touches information. Having less of these touch-points reduces the chance of exposure or breach.

Your credit union can improve security with these technologies:

  • Workflow automationrobotic process automation and system integration reduce human touch to improve speed and accuracy by automating the flow of information
  • System consolidation removes redundant and outdated systems that can introduce unnecessary vulnerabilities into your information management environment
  • Case management tools standardize data handling processes and provide visibility and accountability
  • Policy distribution workflows automatically distribute and track acknowledgement of security and compliance policies and can help prove due diligence during litigation or audits

If security is top of mind for your credit union, choosing an enterprise content management system that already includes the security features above is imperative. Digital transformation can help your organization remain competitive and stay true to its values, but security must be a key component.

Is your credit union ready to improve information security? Get started now >>

Rick Hiles

Rick Hiles

Rick Hiles is the Credit Union Industry Team Lead at Hyland. His past 6.5 years with the company includes various roles and responsibilities within Marketing and Sales supporting Financial ... Web: Details