USING multiple channels to collaborate with clients could lead to data breaches and financial losses, according to a new survey commissioned by Ideagen Plc.
According to the survey, of 547 accounting and advisory professionals in the UK and US, auditors are predominately choosing convenience over security when sharing files with clients and each other.
Email and Microsoft Teams were found to be the most used file sharing methods among auditors, due to their convenience and ease of use, despite the fact 87 per cent have use of a client portal within their organisation.
While this is the default for most firms, Ideagen is calling for businesses to consider alternatives to email for delivering sensitive data to avoid risking the firm’s privacy, clients’ sensitive data, and potentially facing civil and criminal penalties.
As well as compromising security, the survey found that having too many options for document sharing and tracking deliverables creates a barrier for successful collaboration. 40 per cent of auditors agreed that deadlines are being missed because client contributions and approvals are not received in time, having a negative effect on their client relationships and customer retention.
To tackle these issues, Ideagen is urging businesses to consider a secure client portal as a better solution for exchanging documents that contain private client data; but one which is best for its business needs and stakeholders.
Ideagen Plc is a leading global provider of information management software and its cloud-based secure document collaboration software, Huddle, is the portal of choice for government departments in the UK and US as well as top names such as the National Audit Office, EDF Energy, Disney and the Department of Defense.
Ryan Key, Product Manager for Huddle at Ideagen, said: “Even though email is typically the default and most convenient method to share files, it is one of the most popular targets for cyber attacks, and professionals are trusting it with personal and sensitive information belonging to themselves and their clients.
“In addition, the more channels there are for sharing data, the more fragmented the collaboration process becomes. Files can become scattered across multiple teams, updates sit waiting in emails and tasks get forgotten about. It’s not only unproductive, but it can delay projects and introduce unnecessary risk.
“We are urging auditors to pick a client portal that brings maximum benefit to yourself, your stakeholders and your business.”
Furthermore, an effective client portal will alleviate pain points associated with emailing client information, such as encrypting files and creating, managing and communicating hundreds of passwords.
Ideagen’s award-winning collaboration portal software, Huddle, mitigates the need for long email threads and missed document revisions and approvals.
Huddle enables auditors to manage tasks, content, approvals and team communication, with the ability to securely share content with anyone that needs access, from other internal departments to clients and partners.
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