3 Hurdles Old Faxing Needs To Climb To Ease Financial Service Industry

3 Hurdles Old Faxing Needs To Climb To Ease Financial Service Industry

Employees from different industry background or business have faced on a daily basis completing the task of sending or receiving hard copies of faxes. More importantly, professionals working in financial companies – accounting practices, commercial banks, mortgage brokerages, an investment firm, etc. – spend most of their time surrounding important financial documents.

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Personally Identifiable Information (PII) is among the most vulnerable data to be hacked that your industry generates, transmits and stores. A report for the data breaches for the industry listed healthcare, manufacturing, and financial services as the most suffered ones.

Considering the security and regulatory demand, it enforces to upgrade and keep updated the respective areas of your IT infrastructure. This might bring protection to on-site servers, corporate email, communication tool but to the fax machines, printers or in-house fax servers.

The study suggests that companies with high degree use of faxes for its operation were experiencing an increase in the usage from year to year and when inquired for the same, the most common answer was that, “Customers & suppliers use it, which forces us to use it”. Mostly, vendors, partners, and third parties demand to communicate with them.

Larger financial institutions, insurance providers, government entities like the SEC, independent regulatory bodies like FINRA are well versed with the internet faxing operation in their respective businesses and expect their partners to use it for uniformity of the process. Yet, though with its widespread usage across diversified businesses sector, traditional faxing is still poses some challenges described below:

3 Hurdles Old Faxing Needs To Climb To Ease Financial Service Industry

Unsecured Documents

You might oversee the fact but email communications and network hacks are becoming frequent acts by cybercriminals. Conventional fax transmissions aren’t encrypted at both ends leaving only the transmission phase to be secured. These transmissions might not even be password protected at the receiving end and are highly prone to falling in the hands of unintended personnel or theft of confidential information.

With your physical presence at the fax machine during and after the transmission until you receive the delivery confirmation is doable from your end but what about the other end?

Unguarded Faxed Data

Every fax transmission is stored with its faxed document data in storage, either in electronic or physical form or both. Even though the fax is destroyed by the employee after receiving a customer’s fax containing sensitive financial data, the data is still stored in fax machine memory or hard drive as an unprotected electronic record. The real threat is when these devices are connected to company’s network, a hacker or cybercriminal could access those fax data and other secured details remotely. Still, your unsecured defenseless fax infrastructure structure poses a regulatory & compliance problem.

Inadequate Regulatory Compliance

Every industry has to rigorously follow the stringent laws for federal data- privacy such as Sarbanes-Oxley (SOX), The Gramm-Leach-Bliley Act (GLBA), HIPAA and for financial industry standards, i.e, PCI-DSS. From a regulatory standpoint, there could be many aspects wherein your fax infrastructure would not be meeting the mark in accordance with these laws in one or the other aspect.

Even an unattended received fax lying on the machine or multifunction printer can be prompting to anyone and hence, prone to data theft. Additionally, the memory and hard drives stores back-up fax copies and are kept unguarded. Actual cases of compliance violations were filed when returning such leased devices & equipment back to the suppliers, were found with customer’s confidential financial data as nobody deleted the data from the storage of these devices.

Solution: Cloud Faxing Solutions For Financial Industry From iFax Enterprise

Your IT team doesn’t need to continue to manage your traditional fax infrastructure and hence can save time and energy. With just a single move – a shift to fast and effective online fax platform for all your business faxing needs. Use a simple online fax dashboard to effortlessly send faxes to as many people as you need. Enjoy pay-as-you-go pricing with no risk or commitment.

Your Other Advantages With iFax:

1) Stay Organized

Now sync all your digitized files to the cloud and retrieve it anytime-anywhere hence, no more need to manually arrange and declutter your office desk regularly.

2) Highly Secured

With 128-bit TLS encryption delivers your faxes with high security

3) Improved Compliance

We are compliant with HIPAA and GLBA.

4) More Visibility

Real-time data & reporting capabilities increase the visibility of fax usage.

5) Productivity Boost

Faxes as an email attachment are delivered straight to your email inbox.

6) Save Money

No Fax machine, fixed phone line, paper or ink toner cost

7) Full of Options

Select your preferred fax number from a pool of local and international numbers

8) On The Go

Feel the convenience to send and receive faxes from your desktop, tablet, laptop or smartphone and many more.

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