One of the most important considerations for any business implementing an enterprise asset management solution is to guarantee the safe storage of its data and to make sure the right EAM Software security features are in place.
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Why Is It Important to Keep Business Data Secure?
Companies are becoming increasingly responsible for the safety and confidentiality of client data and information. From maintaining customer trust and staying profitable, to avoiding financial penalties; data security matters in business.
With the introduction of the General Data Protection Regulations (GDPR) in Europe in 2018, a data breach can now come with serious financial and legal consequences. A significant breach may even impact the reputation of a business and its future growth. Consequently resulting in additional costs to resolve the issue.
According to internet security firm Norton, over 4.1 billion data records have been exposed in 2019. This is from more than 3,800 publicly disclosed breaches. Therefore, having the right software security features in place is vital.
These features help prevent costly data leaks that could see critical data getting into the wrong hands.
7 Key EAM Software Security Features
EAM software is primarily used by businesses to track and monitor physical assets and infrastructure. This makes it a key source of collecting valuable business data.
To keep this data secure, there are a number of software security features that most modern-day EAM solutions offer.
1. Password Protection
Firstly, an EAM system will come with individual password-protected logins to ensure that the system and the data contained within stay secure. This simple and common procedure is particularly important when accessing a cloud-based EAM system via mobile devices from various locations. By having a password protection functionality, businesses can ensure that data is only visible to the people who need it. Thus reducing the risk of misuse or data breaches. Access can also be revoked and issued as required.
2. Accurate Record-Keeping
Though not so much a software security feature, a key advantage of an EAM system is the ability to build an accurate database. Through improved record-keeping and more convenient data inputting, reports are more accurate. This means that the information contained in them can be used in real-time for audit purposes, making the documentation much more valuable. Most importantly, this means that a business can be more responsive to any issues that are identified. As a result, these issues can then be rectified before they’re a problem, or before it’s raised in an audit.
3. Automated Reminders
Most EAM systems can be set up to provide automated reminders for security, data inputting, tracking and more. The benefit of this is that these important tasks are no longer left to memory or manual reminders. Without this key feature, business records may experience issues and errors with data or security in the future.
4. Improved Security of Physical Assets
Often, hackers rely on human error or gain access to systems from an unexpected source. On average, fraud and human error are costing businesses in the UK £98.6 billion a year.
But with an EAM system in place, and its advanced software security features, the chances of theft or being hacked decrease rapidly. This improved security can result in data being much more protected. By creating one central asset inventory, a business has a much clearer overview of its infrastructure and asset network.
5. Consistent Backups
Unauthorised access to data isn’t always just about stealing customer data. It can also be about disrupting business or trying to extort money in exchange for data that has been stolen. An example of this was the WannaCry cyber attack in 2018, which shut down hundreds of thousands of computers around the world with messages from hackers demanding ransom payments. As a result, the UK’s NHS was significantly affected with an estimated cost of around £92 million to the service.
An EAM solution can constantly back up to a secure cloud network whilst operating in the background or overnight. As a result, this also makes it easier to save and access data in the event of an issue. A cloud-based system can often be a better choice for smaller businesses to manage their assets.
6. Monitor Licences and Security Updates
An important part of keeping data secure, which can often be overlooked, is keeping software up-to-date. An EAM system can ensure that all licences for software security and assets stay valid by simply logging their renewal dates and alerting them to when they expire. It is also handy to keep track of software security updates and to monitor unauthorised software to help keep systems protected.
7. Central Management
An advantage of implementing a cloud-based EAM solution is having the ability to manage data from anywhere. This means, for example, that in a crisis or emergency situation, an asset manager doesn’t need to be on-site to assess the situation. They can gather and analyse the information from where they are and provide a quick resolution to any issues that occur. This increased responsiveness can then reduce the time it takes to rectify a potentially negative data situation.