Business services companies support different spheres of business, but this is impossible without risk and compliance management solutions.
A business service has many responsibilities in terms of loss prevention. On the one hand, it needs to safeguard sensitive client data, including the company’s business processes, trade secrets, client data, PII, patentable technologies and other IP. On the other hand, while being under pressure to demonstrate compliance with clients’ data protection and privacy requirements, it needs to secure its own business operations.
To perform best practices in data protection, business services companies need to control the following:
- Personal information of clients and employees – PII, PHI
- R&D data
- Product roadmaps
- Go-to market strategy
- Key financial and tax data
- M&A data
- Compliance with laws and regulations
- Employees’ activities
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Every year companies suffer increasing losses due to employee fraud. According to the Association of Certified Fraud Examiners (ACFE), companies worldwide lose more than $3.7 trillion annually at the fault of employees.
A business service company has to implement loss prevention techniques and safeguard against:
- Incidents of corporate fraud and profiteering
- Illegal business arrangements
- Personal data leakage
- Breaches of client databases
- Loading files to the internet
- Creating and sending encrypted archives
- Use of personal mailboxes