High-profile data breaches have flooded the news for months, while other companies struggled to accommodate an unprecedented influx of customers securely. In some cases, organizations grappled with both being hacked and scaling up to meet consumer demand.
When it comes to adapting to these demands—even more so amid turbulent times—there are several ways to ensure your enterprise environment is positioned to do what it’s meant to. Read on to learn more.
Build a Secure Foundation
Large-scale data breaches increased by 273 percent in the first quarter of 2020. Typical breaches targeting large companies result in data losses of between 10 million and 99 million records and lowers a company’s value by 7.27 percent.1 Businesses can combat these violations by partnering with Content Intelligence providers to ensure a secure platform from the infrastructure right up to the application.
Life sciences companies, for instance, move around massive volumes of personal health information (PHI). The consumer demand for privacy—coupled with increasingly stringent regulations such as GDPR, HIPAA, and CCPA—makes it imperative that companies can adequately manage PHI if they want to remain competitive and compliant and avoid data leaks.
It makes sense to incorporate Content Intelligence and automation solutions that can process data quickly, but the integrity of that provider—and their ability to deliver cloud security—is also crucial.
Focus on Scalability
As companies become more elastic, they need backend solutions that can help them scale up or down without jeopardizing security or customer experience. Everything within a business environment should be built to sustain unexpected growth or contraction.
For instance, in the first half of 2020, insurance companies were bombarded with COVID-related claims. These businesses required data analytics tools, automation, and onboarding capabilities to process claims quickly and cost-effectively. As we move beyond the pandemic, these solutions must continue to be robust, as the number of claims may swell in the future without warning. Scalability goes hand-in-hand with prioritizing a topnotch customer experience.
Application performance remains a priority for companies that view low latency as a source of competitive advantage. Performance is assessed over a definitive window of time, commensurate with the high responsiveness customers expect. Issues arise when both intra-cloud and network latency causes cloud applications to spend a large amount of time waiting for a response from another data source.
Let’s say a big bank needs a set of documents processed to identify mission-critical data. If the infrastructure is not configured properly, the bank will be bogged down trying to dig it up instead of focusing on growth and innovation.
Adlib’s cloud offering has been architected to minimize latency, allowing customers to quickly extract high-quality information from massive volumes of unstructured data through Adlib’s Advanced Contract Analytics, automation, and AI technologies.
Choose an Enterprise-Grade SaaS Provider
Business leaders new to digital transformation may be wary of cloud security. After all, stolen or compromised credentials and cloud misconfigurations are the most common causes of malicious breaches.2
To protect your company’s data, it has never been more necessary to seek out a mature, enterprise-grade SaaS provider. This is one of the many reasons Adlib partnered with Oracle to create an architecture for Adlib’s cloud-hosted Contract Analytics platform. The solution ensures that our customers achieve low latency, high availability, and maximum scalability from our platform, no matter where they’re located.
The Final Verdict
Beyond steep fines and penalties, a data breach brings lasting reputational damage that’s hard to come back from. We’ve all heard of financial institutions that have been caught up in massive data breaches. Once these negative impressions are made, it’s hard for us to forget. As consumers, we’re also unforgiving of companies that can’t meet our demands in the way we expect. To prevent this scenario, adopt a secure, enterprise-grade solution that’s ready for any mission-critical workload.
Sources & Credits
1 CNBC: Cybercrime ramps up amid coronavirus chaos, costing companies billions
2 IBM Security: Cost of a Data Breach Report 2020