Increased 3rd Party Data Sharing Increases Data Theft Risk

The inability to track, control and report sensitive content shared with external contacts is a substantial risk for modern enterprises.  And that risk appears to be rapidly escalating, as two-thirds of organisations each exchange sensitive data with more than a thousand third parties.

These are some of the key findings from a survey conducted recently by Kiteworks, a US-based data security firm. 

Sensitive Content

Kiteworks defines “sensitive content” as the wide variety of content commonly targeted by cyberthieves. It’s content which poses a significant threat to an organisation once bad actors get their hands on it. 

Sensitive content includes the data of customers and employees — personally identifiable information (PII), protected health information (PHI), and payment card industry (PCI) data. It also includes an organisation’s intellectual property (IP), legal communications and documents, financials, mergers and acquisitions data, and other types of private and confidential information.

Kiteworks says that the key problem with sensitive content is how it does not stay in one place. During daily operations, it is shared not only among employees, but also with partners, suppliers, contractors, legal counsel, accountants, auditors, and more.  

More Comms Channels = More Risk

Efficient organisations are always searching for more “frictionless” ways to move their data.  However, as their number of communication channels with external parties grows, so too does the potential opportunity for bad actors to intercept and steal the data.

That escalating risk is borne out by Kiteworks’ analysis. They found that organisations with more than seven communication tools experience ten plus data breaches, which is 3.5 times higher than the aggregate of those experiencing one to ten breaches.

File Size Limits Exacerbate Risks

The file size limits imposed by many content communication tools are a key contributor to the risks of moving data. Frustrated employees simply trying to do their jobs will sometimes use insecure and unauthorised consumer-grade file sharing services to bypass organisational limitations.

Even for those employees who always follow the rules, the resulting workarounds can trigger significant waste of staff time.

More than 30% of organisations surveyed by Kiteworks needed to implement workarounds due to file size limits for email, file sharing, and managed file transfers over 50 times per month. Around 10% said they must do so over 100 times per month.

IT Teams Stepping Up

Switched-on IT teams are increasingly focused on addressing their organisation’s need to protect sensitive content. A popular solution is to unify communication tools and channels to secure sensitive content communications.  Their primary drivers for change may vary – from protecting intellectual property and corporate secrets to mitigating litigation, avoiding regulatory violations and protecting their brand reputation – but the way they are addressing these risks is similar…

Control Through Consolidation

Consolidating communication tools onto a single platform needs to be a foundational element of an organisation’s cyber defences.  By reducing the number of disparate tools used for content communication, they can significantly lower the risk of data breaches and improve operational efficiency.

Kiteworks’ survey shows that organisations with fewer communication tools experience fewer breaches.  Tool consolidation significantly enhances security.

MFT Consolidates, Automates, Improves Efficiency

Managed File Transfer (MFT) software is a powerful technology which comprehensively addresses the risks and challenges of moving information within an organisation, and with external suppliers, partners and customers.

MFT simplifies the complexities of data transfer by offering centralised control, encryption, and auditing capabilities. A significant advance on traditional approaches, MFT provides enhanced security protocols, ensuring data privacy during transmission and storage. And it does so via a user-friendly interface, which is easy to use for even non-technical employees.

In addition to consolidating the plethora of disparate data exchange channels employees create during an organisation’s evolution, MFT technology provides an array of organisation advantages:

Security: MFT employs robust encryption algorithms, reducing the risk of data breaches during transit. Features like Access Controls, and Multi-factor Authentication, safeguard sensitive information from unauthorised access.

No Size Limit Straitjacket: The best MFT solutions enable organisations to set file size limits appropriate to their teams’ needs. They also offer “persistence protocols” which ensure large files are fully transmitted to their intended destinations.

Efficiency: MFT automates repetitive tasks. This not only reduces human error, it saves significant staff time. Through scheduling of file transfers, monitoring of progress, and automatic error-handling, it enables a significant boost to operational efficiency.

Compliance: In industries with strict regulatory requirements, MFT helps companies meet compliance standards (e.g. HIPAA and GDPR) by automatically maintaining detailed logs and audit trails.

Scalability: Through its ability to handle large file transfers and an ever-growing number of users, MFT is able to grow in sync with an organisation's needs, while maintaining superior performance.

Collaboration: In addition to improving business processes within an organisation, MFT facilitates seamless collaboration with external partners, suppliers, and customers, fostering strong relationships built on shared trust and reliability.

The Best MFT

At Generic Systems Australia, we recommend the industry’s class-leading MFT solution, GoAnywhere MFT.  GoAnywhere is consistently declared by independent experts to be the best-in-class MFT solution.  

Besides achieving the highest overall score in the MFT category, GoAnywhere is also ranked highest for Vendor Capability Satisfaction, including the key dimensions of:

•              Business Value Created

•              Breadth of Features

•              Quality of Features

•              Product Strategy and Rate of Improvement

•              Useability and Intuitiveness

•              Vendor Support

•              Ease of Data Integration

•              Ease of Customisation

•              Availability and Quality of Training, and

•              Ease of Implementation

GoAnywhere MFT's combination of versatility, security, ease of use, and budget-friendliness has propelled it to the top of the MFT market.

Gain Expert Local Advice

At Generic Systems Australia, we’re Australia’s and the Asia-Pacific region’s experts on MFT in general, and GoAnywhere in particular.

If you’d like an obligation-free discussion about how we could help you keep your organisation’s sensitive content safe, please feel welcome to get in touch.  We’re always happy to have an obligation-free discussion, and even offer a free Proof of Concept.