How to strengthen security and compliance with intelligent process automation
In a world where data is as valuable as oil, it’s becoming ever more important to keep that data safe. Intelligent process automation (IPA) can help keep your enterprise’s sensitive data under tight lock-and-key.
The impact of data breaches hits the U.S. harder than any other country. With average customer losses adding to $4.13 million per company for American businesses. When companies fail to keep data safe, they lose customers, revenue and public trust.
Nearly every large enterprise manages sensitive data, regardless of industry. When it comes to properly handling this data, businesses must protect themselves from security threats as well as comply with regulatory protocols.
Intelligent process automation further ensures data security and compliance through automating many of the manual tasks that are part of security and compliance processes.
Security automation can increase the safety of your enterprise’s confidential data by preventing data breaches.
Some of the most sensitive data gets routed through complex processes which can pose a high security risk. Intelligent process automation solutions perform tasks within your security applications that typically are performed by a human; minimizing human handling and viewing of your sensitive user, customer or client data. IPA cloud solutions add security through user authentication that only allows verified users to see sensitive data.
IPA also reduces the potential for human error. At least 25 percent of data breaches are caused by a human mistake. IPA has much more precise and accurate data handling capabilities making enterprise data much safer in the face of error-prone tasks.
For your most important security needs, consider backend or server process automation. Data processed in the backend is isolated, centralized and in a highly controlled environment ensuring your data, your processes and your business are protected.
In the case of a potential threat, automation leads to faster response times, better predictions and analyses of potential threats and more accurate predictions with machine learning technology.
Government regulations place heavy burdens on industries to meet legal guidelines and government agencies themselves have complex regulatory mandates as well. Automation can ensure your organization, whether it be public, private or for profit is complying with all regulations without pulling your human workers away from other tasks.
Intelligent process automation does this in a few ways:
- Generates audit trails for changes made during product development or with legal documentation.
- Ensures that role-based access measures are met by allowing limited access to certain data to authorized groups.
- Creates documentation about how a company or machine made a decision.
These are tasks typically performed by a compliance officer. When handled by an automation system, these tasks are done more efficiently and with higher accuracy than when performed by a human.
Let’s use mortgage lending as an example. Banks must ensure that bankers are not discriminating against applicants but also must reduce their loan risk. IPA can create an audit trail of events that happened with a customer’s loan application, ensure that only authorized users can access that person’s sensitive data and create a document that shows how the bank came to its non-discriminatory decision approving or denying the loan.
According to a 2016 survey by Accenture, 73% of the surveyed compliance officers believed that automation could be a key enabler in compliance within the next three years.