Manage Corporate Finances With Full Security and Transparency
Secure Third Party Communications
Behind every successful business lies a strong and efficient finance department. Unfortunately, hackers realize this too and work tirelessly to infiltrate organizations and access bank account statements, credit card numbers and other sensitive financial information. Corporate finance departments securely share financial documents with the Kiteworks platform to ensure valuable financial information stays private.
Corporate Finance Solutions
Keep Your Financial Assets Off the Dark Web
Prevent Cyber Attacks From Endangering the Business
Malware destroys, steals or shuts off access to the systems and files that hold sensitive corporate financial information. Without access to payroll, cash receipts or other vital financial data, a business has as much direction as a rudderless ship. Corporate finance professionals using the Kiteworks platform mitigate the risk of a cyber attack through secure receipt, storage and sharing of all their financial documents.
Enable Safe Cloud File Sharing
Share External Files Securely and in Compliance
Corporate finance professionals must share information with external third parties everyday. However, sending the public accountant a cash flow projection or a division head the P&L statement using a cloud file sharing service, such as OneDrive or Dropbox, can put the company at risk. With the Kiteworks platform, corporate finance professionals share financial documents securely and in compliance with internal policies as well as industry regulations.
Keep Capital Investment Decisions Private
Protect Sensitive Information From Data Leaks
Corporate finance professionals handle non-public information on a daily basis. When an employee loses a laptop containing a board of directors presentation or maliciously emails a draft quarterly earnings release to a securities trader, it places the business at risk. With the Kiteworks platform, corporate finance professionals mitigate the risk of a data leaks by controlling access to financial documents, even in the event of a lost or stolen device.
Provide Traveling Executives with the Latest Numbers
Retrieve Files Simply and Securely from Mobile Devices
Senior executives travel frequently and must make financial decisions on the road. The difference between a good decision and a bad decision, however, often boils down to having access to the most current information. Whether on an airplane with a tablet or in a town car with a smartphone, senior executives have simple and secure access to the most current budgets and sales forecasts using the Kiteworks platform.
Frequently Asked Questions
Corporate finance departments handle sensitive information related to the finances of a business, including budgets, profit and loss (P&L) statements, bank records, cash flow reports, sales forecasts, investments, payroll data, bonus and compensation plans, and much more. Corporate finance professionals like controllers, financial planning and analysis (FP&A) managers, payroll administrators, and others must manage their financial activities securely as this information is typically considered confidential.
Corporate finance departments can leverage several cybersecurity technologies and data privacy processes to protect the sensitive information they process, send, and receive. These technologies include identity and access management (IAM), multi-factor authentication (MFA), data loss prevention (DLP), data encryption, and much more. Data privacy processes include access controls that enable organizations to grant, limit, and restrict access to confidential financial information, internal audits, and regular cybersecurity training.
Corporate finance professionals can securely share the confidential financial information they process, store, and share with external third parties by using encrypted enterprise content management systems and communications platforms. These applications allow corporate finance professionals to securely store, send, and receive contracts, spreadsheets, and other financial content. Corporate finance departments should ensure all financial content is, at bare minimum, password protected and encrypted in transit and at rest. Additionally, corporate finance professionals should ensure that the third parties they work with, like payroll administrators, accounting firms, and other partners, use best-in-class cybersecurity technologies and practice data security best practices. Oftentimes, organizations will contractually bind their partners to maintain the privacy of the confidential data as a part of a vendor risk management program.
Data privacy and security risks associated with corporate finance processes are a major concern. There is a potential for budgets, sales forecasts, bank account information, and other confidential financial data to be intercepted, manipulated, held for ransom, or sold on the dark web. All of these potential outcomes can lead to financial losses, litigation, and reputational damage. Also, the sheer amount of financial data involved in corporate finance processes creates a huge challenge in protecting and controlling access of this data. Organizations, as a result, need to ensure that their financial data is securely stored and only accessed by those with the proper authorization.
Compliance regulations require corporate finance departments to not only follow accounting standards such as GAAP, but also be transparent in their financial reporting. Corporate finance departments must also maintain strong internal controls to help prevent financial fraud. The Sarbanes-Oxley Act (SOX) for example protects individual financial data from theft and tampering. The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to clearly disclose their information practices and ensure the security of customer information. The General Data Protection Regulation (GDPR) requires the responsible handling of EU citizens’ personal information, regardless of where it’s processed. Compliance with these and other regulations is essential for corporate finance departments to maintain public trust and legal protection