Considering the complexity of cyberattacks, the risk of a data breach and the theft of customer data increases, potentially resulting in financial losses and reputational damage to asset finance companies. As a result, asset finance companies must now pay greater attention to protecting themselves and their customers from hackers. As well as the risk of substantial fines being levied against companies who fall victim to them.
Asset finance companies need to do this because these incidents pose a risk beyond their customers. A security breach can negatively impact the bottom line of a business in terms of fines and censure by regulators. As financial details and personal information are often put up for sale online. For breaches of GDPR rules, organizations can also be fined up to 4% of their turnover, in addition to penalties levied by the ICO.
As a result, companies must ensure their information security processes and software systems are not only robust and current. But are also based on best practices in a fast-moving risk environment. Many organizations need to partner with an external company to implement their technology. So choosing a SaaS (Software as a Service) partner that can demonstrate that it provides the best protection is crucial.
How a robust asset management platform protects your business from the threat
Asset management platforms define the requirements of a modern information security management system by setting out a framework of principles for managing information and data effectively. Asset finance companies can demonstrate that they are complying with these standards. And that industry best practices are being followed, by choosing a centralized, integrate system that meets these standards.
Industry-proven, market-leading asset management platforms like Odessa work with the largest leasing firms across the globe to ensure that they adhere to strict security standards. In a time when digital attacks are becoming more common and complex, companies can take the necessary steps to safeguard their customers, and themselves, from data breaches by choosing the right core asset management software.
Improved role and access-based security:
With the right asset management platform. You can limit employee and manager access to only the processes relevant to their job and duties. Employees can access functions necessary to perform their duties, while permissions are lock down, preventing them from extending their roles. When integrating with third-party vendors, the asset management platform can ensure security measures are in place. Passwords should be encrypt and very secure.
Centralized and manageable data:
In addition to restricting access to roles, asset management platforms like Odessa have highly advance permission protocols that help ensure consistency, accuracy, and security for all your mission-critical data. A worker needs to have proper access to the system. So he or she can use it and do their job while preventing critical data from getting into the wrong hands. Whenever a security exploit occurs, the system should be able to automatically fix it and implement the update across the globe.
More visibility with end-to-end managed systems:
The ease of managing data security and permission-level access protocols is enhance by an effective asset management platform. Which combines disparate systems for customer support, invoicing, finance, management, and customer relationship management (CRM). This allows management to enhance financial control and minimize loss risks by restricting data access to the appropriate team members.
Why do you need the right technology partner?
As businesses turn to online business more and more, the digital transformation of firms has accelerated. A recent study suggests, however, that companies may run the risk of using third parties that haven’t been thoroughly vetted or screen if they speed up the implementation of online offerings. With even more sensitive data stored online, asset finance companies will have even greater responsibilities and risks.
Finding the right partner is crucial for companies new to customer data management requirements or upgrading their existing technology. A comprehensive set of standards allows asset finance companies to compare and benchmark systems against their needs. When there are so many different providers around the world offering different solutions.
Among the key characteristics, asset finance companies should look for in a technology provider are SOC and ISO27001 certifications, for example. By doing so, the systems providers ensure that risks are assess, control procedures are followed, internal audits are conduct. That stored information is kept confidential and only accessible to verified users with authorized access. It is a testament that the tech partner ensures data is safeguard and protect by firewalls. With limited access for certain users, and provides accountability in the event of failures or human error.
A future-proofed, streamlined solution from Odessa constantly monitors data and external threats. Alerting operations teams about any vulnerabilities. So they can rectify them, and reduce potential risks. Regardless of whether it is an increase in website attacks, malicious software or ransomware incidents, the data risk landscape is constantly evolving. To meet the highest standards, the Odessa Platform works tirelessly.
It is important for asset finance companies to take the appropriate steps to protect their customers, and indeed themselves, from data breaches at a time. When digital attacks are becoming more common and more complex by working with ISO27001, accredited technology partners and by incorporating these strict standards into their technology. Customers and stakeholders, such as investors and regulators, are therefore reassure as a result.
With the growth of online businesses, the amount of data that companies hold, and therefore the risks they face, is only going to increase. The right asset management software will bring a sense of certainty to an uncertain world.
The Odessa Platform is an end-to-end asset management software, delivering comprehensive functionality that enables self-service, automation, and business agility. Odessa’s platform-philosophy means reduced cost and complexity associated with traditional upgrades and legacy providers. By delivering 4x annual platform releases, customers can easily adapt, go to market faster with new products, and remain nimble.
Headquartered in Philadelphia, USA, Odessa is the largest leasing-focused technology company in the world. With a highly specialized team of professionals across North America, Europe and Asia Pacific, Odessa has a 2-decade track record of excellence in providing industry-leading Asset Management technology. Learn more at www.odessainc.com