technology: hosting & cloud 23


Protecting client data against the odds


Remote hosting and security have transformed the work environment, allowing access to information at all times, irrespective of the user‘s location. In turn this has affected the way companies approach staff with remote or flexible working arrangements, with ‘bring your own device‘ becoming increasingly common, writes Darren Thompson, managing director, Meridian Corporate Finance


While communication has moved forwards at a great pace, security and legislation have not advanced in line with this expansion of Internet access. Data traffic and operating platforms have both been shown to be susceptible to the theft of data with existing social platforms, such as Snapchat, Twitter and Facebook, and user portals, such as Sony PlayStation Network, having been subject to high-profile security breaches. User details and content have consequently been misappropriated and published.


Within global business, ‘hacking‘ and the subsequent misuse of client data has become a significant issue, with unauthorised access to portal logins and emailed statements both high-profile examples of breaches made to financial institutions.


While increasing the security of these networks and the mistakes that have previously been made are well documented in the press, an area that has gone relatively unreported has been the security of data transmission.


Ensuring transmission of data is secure and that individuals can be reliably identified when communicating has traditionally been achieved through email encryption – however existing email security systems and processes are complex and cumbersome requiring specific settings, not always integrating with existing email systems/addresses or habits and therefore not targeted at the end user consumers.


Identifying the device and not the user has been the theme. Email has existed for over 40 years and yet conventional email security services have failed to gain ‘mass adoption‘. As a result existing programs have not seen uptake due to: 1 Poor user interface compared to existing email systems


2 Limited and complex integration with popular existing mail providers such as Microsoft and Apple


3 Bundled solutions often having limited benefit and being easily decrypted.


The end result of the above is that the market for statement delivery and distribution of confidential information remains huge as large corporations remain unwilling to


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MARCH 2015


via email, despite potential contravention of current data protection act legislation and the reputational damage that could ensue.


Meridian‘s view


While the majority of transactions require those involved to sign a confidentiality agreement, how many of those individuals have put steps in place to ensure the information they are transmitting is only opened by the correct recipients? As advisers we are responsible for the transmission and distribution of large amounts of confidential information relating to and on behalf of clients and the risk of email communications being intercepted or read by unintended individuals can be significant.


A recent case demonstrated this when an email containing bank details sent by a law firm was intercepted and altered, meaning funds were transferred to an unrelated account – the case is currently in court to determine who was at fault with the likely outcome being a professional indemnity claim on the part of the sender, the law firm.


Meridian is working with Beyond Encryption ... to ensure that all communications are confidential and only accessed by the intended individuals


risk delivery of confidential documents via electronic means as they are unable to ensure/validate delivery to an individual.


This means that Royal Mail alone still delivers 15.9 billion items a year to the UK‘S 29 million addresses; EU postal services are estimated to handle 135 billion items per year reflecting a turnover of about €90 billion or about 1% of European Community Gross Domestic Product (GDP); while globally, postal services generate in excess of €422b per annum.


Identifying the device and not the user has been the theme. Email has existed for over 40 years and yet conventional email security services have failed to gain ‘mass adoption‘


With environmental impact an increasingly- important issue for society, the impetus for change is in place but is being balanced by the availability of technological solutions to address the legal requirements of data protection that are imposed on corporations and individuals. The environmental and monetary benefits, and ease of using relatively unprotected electronic communication, have resulted in a huge increase in the volume of confidential information being distributed


www.businessmag.co.uk


Meridian has a recognised technology expertise and is working with Beyond Encryption (BE). BE‘s encrypted email service: www.BEsecuremail.com is working closely with Microsoft and the adviser/professional services community to address this problem and to ensure that all communications are confidential and only accessed by the intended individuals. The BE offering has allowed us to provide clients with secure email communication and ensure that their personal data is only accessible by them, irrelevant of the email address or system that it is being sent to.


To discuss your company‘s communication and the steps you can take to ensure confidentiality, contact Meridian Corporate Finance.


Details: Darren Thompson 0844-225-8800 darren.thompson@meridiancf.com www.meridiancf.com


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