Banks, insurers, stock traders and other companies in financial services are among those adopting mobile devices at breakneck speed. According to IDC, the financial services industry spent $114 billion globally on mobility, cloud, analytics and big data in 2015.
However, this investment in mobility could be a double-edged sword, requiring that users take advantage of extra security features available in an Apple® iPad to protect confidential client financial information.
Along with healthcare, financial services is one of the most heavily regulated industries in terms of data security. So, not only are your clients’ best interests at risk, but also you have serious legal ramifications to consider.
When using the iPad to store confidential financial documents, follow these do’s and don’ts to ensure that your clients’ private data remains private:
Best practices (the do’s)
In a recent blog post, we covered the many benefits of using iPads for your client meetings. One of the main benefits discussed was the iPad’s natively integrated security protocols. A major step to ensuring that confidential documents remain secure is to set up all of those security features. That means you should:
- Implement a complex passcode
- Enable Touch ID
- Turn on multi-factor or “two-step” authentication
- Make sure “Find My iPad” is always on
- Remote wipe the device in case it gets lost or stolen
- Make use of data encryption if possible
Additionally, take your iPad security a step further by safeguarding confidential documents at the application level, not just the device level. Turn on every security protocol possible for applications and make use of third-party applications that are purpose-built for document security. Some popular and highly-reviewed options include MobileIron, WatchDox and DocWallet.
Pitfalls to avoid (the don’ts)
Data breaches and compromised devices are often a result of carelessness or complacency. Just like misplacing a set of keys, losing track of an iPad — or having it stolen — can happen to anyone. It’s in these situations that the best practices mentioned above provide peace of mind. In addition to heeding the “do’s,” here are some “don’ts:”
- Don’t disable biometric security
- Don’t rely on only one verification step
- Don’t use a simple or familiar password — for example, “Password123” is no good
- Don’t use the basic four-digit passkey
- Don’t store sensitive documents in unsecured locations on the device, such as the photo album
By employing the above best practices, and avoiding the common blunders, you can enable mobile devices to continue to be an asset in financial services, rather than a liability.
Do you use iPads for your financial services business? If not, please tell us why. Leave a comment in the section below. We would love to hear from you.