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Data Security

What is Data Security?

Data security refers to protective measures and processes designed to protect data from a range of threats: unauthorized access, leakage, corruption, theft, or accidental deletion.

While the exact practices involved in data security vary from business to business and sector to sector, the primary goal is to ensure sensitive data’s confidentiality, integrity, and availability.

Strong data security is particularly important for businesses like financial records, customer data, and intellectual property.

Examples of Data Security

Data security practices have proliferated over the years. That’s partly because threat actors, such as hackers, continually develop new strategies for exploiting system vulnerabilities.

Typical examples of data security strategies include:

Why Data Security Matters in Accounts Payable Processing?

Unsurprisingly, financial data is among the most sensitive. It’s also among the most valuable to treat actors. Thus, data security is particularly important in areas like accounts payable (AP) processing. 

AP departments handle a wealth of sensitive financial information, including vendor data, bank account details, and transaction records. A data breach in AP can lead to severe consequences, such as:

Best Practices to Protect and Secure Data

Data security practices vary widely depending on the nature of the business, the types of data it keeps, and the potential risks data loss presents.

To mitigate data security risks for organizations managing sensitive data, organizations should adopt at least the following best practices:

How Does Automation Enhance Data Security?

Today, advanced data security has become easier to implement at scale thanks to automated security solutions. 

Automatic network monitoring, anomaly detection, and secure, cloud-based storage help reduce the likelihood of data breaches. This involves some of the following processes:

Reduce Data Security Threats, Automate with SoftCo

SoftCo’s accounts payable automation solution is designed with data security at its core. 

By automating AP processes with SoftCo, organizations can significantly reduce data security risks, prevent financial losses, and maintain the trust of their stakeholders.