Managing large document transfers is a daunting task in numerous regulated industry verticals, including the finance sector, government companies, and the healthcare segment. These are the industry verticals that include various types of confidential and sensitive documents. In such a scenario involving sensitive data, any data breach can lead to devastating consequences.
There is a dire need for a highly secure and future-ready tool in regulated industry segments to easily transfer large documents. This blog will help you understand the constraints of managing high-volume document transfers in regulated enterprises and discuss industry standards that control these companies. You will also gain insights into the best recommendations for transferring large-sized documents securely and effectively.
Constraints in Handling Transfer of Large Documents in the Regulated Industries
For transferring large-sized documents in regulated industries, there are some constraints, such as:
Risks associated with compliance and security:
All regulated industries must remain compliant with necessary standards, namely GDPR, HIPAA, and PCI-DSS. This is one of the significant bottlenecks.
Data breach:
Data breaches also cause gruelling consequences in regulated industries, for instance, financial loss, harm to reputation, and legal penalties and fines.
Complicated and large volumes of data:
High-volume document transfers in regulated industries present complications, which can create a constraint for handling and sharing documents securely.
Collaboration challenge:
For the efficient functioning of regulated industries, collaborating with various cross-functional teams is non-negotiable. At times, it can be challenging to collaborate with staff from multiple departments, companies, and individuals located in different locations. This poses a challenge for secure file transfer.
Best Practices for Handling Large Documents Transfer Process in Regulated Industries:
For effectively and securely handling large document transfers in regulated industries, it is a must to follow below mentioned best practices:
Drafting an all-encompassing security policy:
There should be a well-drafted security policy in place, including a step-by-step guide or process for managing large file and document transfers.
Leveraging secured FTPs (File Transfer Protocols):
Another good practice is to integrate secure FTPs, such as SFTP (Secure File Transfer Protocol) or HTTPS (Hypertext Transfer Protocol Secure), for transferring voluminous documents and files effortlessly.
You can also use encryption methods while sharing large files. This process generates a key, and the data can be decrypted only with a key. It helps to secure essential data with ease.
Using encryption method:
Another secure mode of large document transfer is using encryption techniques such as PGP and AES. This process enables you to store and transfer large amounts of data and documents securely.
Monitoring and reviewing on a timely basis:
Department heads must regularly review and monitor large document transfer activities. It also helps to track any security threat incidents and take proper compliance measures to make sure the company complies with required standards and regulatory requirements.
Providing Access control:
It is crucial to utilize access control mechanisms, specifically user authentication and authorization. This methodology helps restrict access to only authorized users without granting permission to all. Only the authorized person can transfer or access the file.
Leverage cloud-powered tools:
It is essential to utilize cloud-based tools, such as cloud storage facilities and cloud-powered file transfer tools, to manage large file transfers securely and effectively.
Training session for the employees:
You need to conduct rigorous training sessions for all the employees to help them perceive the importance of transferring large documents and files securely.
Ongoing, and continuous improvement of security policies:
Industries must regularly evaluate and analyse their security policies for large document transfers to ensure the adequate security of confidential and sensitive documents and files.
Necessary Standards Controlling Large Documents and Files Transfers:
Regulated industries must remain compliant with various standards and regulations while managing and handling large volumes of file and document sharing and transfer. Some of the crucial rules, regulations and standards include:
Payment Card Industry Data Security Standard (PCI-DSS):
This standard is created to effectively regulate the management of payment card data and information in finance sector companies.
Sarbanes-Oxley Act (SOX):
SOX is diligently designed to regulate financial document handling in all publicly traded organizations.
Health Insurance Portability and Accountability Act (HIPAA):
This particular act regulates the proper management of PHI (Protected Health Information) in all healthcare industry verticals.
General Data Protection Regulation (GDPR):
GDPR is meticulously designed to regulate the management of all personal information in the European Union.
Final Thoughts:
In a nutshell, it can be said that managing large document transfers across all regulated industries is a daunting task that involves the need for future-proof and highly secure solutions. By properly understanding the constraints and regulations controlling large file transfers and following recommended practices, companies can take measures to handle large document transfers securely.
Safeguarding sensitive data is crucial in regulated industry sectors. Moreover, unauthorized access to data can lead to serious repercussions. By effectively focusing on security and compliance, industries can earn the trust of all stakeholders, including clients and partners. It also prevents the company from incurring huge monetary losses.