In today's digital age, safeguarding sensitive customer data is paramount, especially in industries like debt collection where confidentiality is critical. As an organization engaging debt collection service providers for 'field service' activity, who would you entrust your sensitive data to?
David Bisiach, Chief Information Technology Officer for Access Mercantile discusses how important cyber security is within the mercantile industry
As the CITO for Access Mercantile I'm super proud to be part of an organization leading a digital revolution across 'field debt collection services', however, remain concerned that the industry is still 'playing catch up,' with many smaller debt collection service providers not having the ability to implement the necessary technology, processes and controls to safeguard sensitive data due to investment, focus or skills constraints.
Traditionally operating as small to medium size businesses, the field services debt collection industry has historically evolved at a slower technological pace with many providers unable to invest the necessary capital to upgrade technology and/or embed the critical resources and controls to safeguard client data. In their eyes "the old ways are good enough." Increased cyber security awareness post recent domestic attacks along with increased industry demand and regulatory pressures has automatically dictated reform for organizations that have not necessarily dedicated investment, resources, or strategic focus across all things cyber & data security.
"In fact, recent research has shown that Australian small businesses may be failing to adapt to the evolving technological landscape, thereby risking detrimental impact on their efficiency and capacity. The study also revealed potential pitfalls in these businesses' approach to technology. There seems to be a substantial gap in cyber security, as nearly half of the business lack even the basic cyber security safeguards." - Australian SMEs risk efficiency due to slow tech adoption (ecommercenews.com.au)
While traditional paper-based field debt collection organizations struggle to keep pace with evolving cyber threats and /or the level of investment and expertise required to secure their business and associated systems, Access Mercantile Services through the introduction of our new idebt360 platform stands out as an industry leader in the provision of fully digitally secure field services.
Here's why our fully digital and paperless approach to debt collection sets us apart from the rest and ensures the highest level of protection:
- Cutting edge Encryption technology : Our idebt360 platform utilizes cutting edge encryption technology to safeguard data both in transit and at rest. Our platform employs advanced encryption algorithms to ensure that all communications and stored information remain secure and inaccessible to unauthorized parties. By encrypting sensitive data, we add an extra layer of protection, significantly reducing the risk of data breach.
- Secure cloud Infrastructure : Unlike paper-based organization that rely on physical storage solutions that are susceptible to theft or damage, idebt360 leverages secure cloud infrastructure for data storage fully hosted domestically. Our cloud-based platform adheres to the strictest security standards, including multi-factor authentication, and data redundancy measures. This not only enhances accessibility and scalability but also fortifies our defense against potential cyber threats.
- Rigorous Access Controls: At Access we implement rigorous access controls to regulate user permissions and restrict unauthorized access to sensitive data. Through role-based access control [RBAC] mechanisms, we ensure that only authorized personnel can view, modify, or interact with specific data sets, reducing the risk of insider threats and unauthorized data breaches. Our granular access controls empower clients to maintain full control over their information, including who they allow to access our idebt360 platform which enhances trust and transparency.
- Ongoing Security Audits & Compliance : We understand the importance of compliance with industry regulations and standards, which is why we conduct regular security audits and assessments to identify and address potential vulnerabilities proactively. Our commitment to compliance extends beyond mere adherence to regulations; we strive to exceed industry standards by continuously enhancing our security protocols and practices. By staying ahead of emerging threats and regulatory requirements, we provide our clients with peace of mind and assurance in the integrity of our platform.
- Continuous monitoring and Incident response: In addition to preventive measures, idebt360 employs continuous monitoring and robust incident response protocols to swiftly detect and mitigate any security anomalies. Our dedicated system administration monitors system activities in real time, leveraging advanced threat detection tools and algorithms to identify potential suspicious behavior and security concerns.
Access Mercantile' s commitment to data and cyber security sets us apart from traditional paper-based collection organizations. By embracing digitization and leveraging state of the art security measures, we mitigate risks, protect sensitive client data, and uphold the highest standards of confidentiality and trust. In a rapidly evolving threat landscape, idebt360 remains at the forefront of innovation, ensuring that our clients' information remains secure and always protected.
"So, are you happy for your data to take a back seat?"