What’s Digital Business Automation Using Data Secure Strategy & Virtual Tools?

Today, more and more business leaders and entrepreneurs are realizing the need to change their businesses. It is useless to fight the concept of digital business automation – it must be accepted. Companies need to understand how it can be built in.

The Main Goals of the Digital Business Automation

Such terms as “automation” or “digitalization” in the business segment no longer surprise anyone. They are actively used at numerous specialized conferences and economic forums. However, not all business representatives understand how digital transformation differs from digitalization and automation and why it is needed at all.

Business automation is the replacement of human actions aimed at collecting and processing data with the work of the system. At the same time, the result itself and the quality of the process remain unchanged; only the amount of human effort changes. A good example is accounting. The reporting form is the same regardless of the mode in which and by whom it was generated – by a machine in a few minutes with the participation of one person or by a group of people in a few days.

However, based on the question of what a digital business audition is, we can say that this process can also have the following goals:

  • Improvement of the product (or service): its quality, attractiveness, usability, and delivery;
  • Automation of production and other internal processes of the company;
  • Simplification of internal and external communications.

Often, when it comes to automating business processes, company owners and managers focus on a specific solution or area of activity: they choose CRM, ERP, or deploy a time tracking system – in general, they solve a separate task. This approach certainly brings results, but can they be called optimal? Understanding what complex digitalization and automation of an enterprise should look like.

Data Secure Strategy for Digital Business Automation

While business has always been inventing new technologies for competitive advantage and applying new technologies, the speed is accelerating these days. Experience innovations such as mobile gigabit connections, autonomous cars, and smart homes – all in the know and about a decade ago science fiction. An important trend of today’s companies is the automation of digital business.

Among the main facilities of data security strategy for business automation in https://www.techiemag.net/virtual-data-room-solution-providers/ are:

  1. Minimization of management costs. This applies not only to the financial but also to the temporary and labor direction.
  2. Prioritization. At the time of launching the project at a large-scale level, it is important to carry out all the necessary digitization activities.
  3. Entering the modern market. Here it is important to highlight areas that will really have a positive impact on the level of income of the company and its positioning in the market as a whole.

Quite often, it happens that automation occurs only at a basic level – they simply try to “pull” the product onto existing processes. There are many examples both among small companies and among industry giants. But then a logical desire arises to “make it beautiful”: rewrite processes, formalize the informal, and try to adapt to the best products available on the market. And then comes the understanding that it is time to change the business model. Digital business automation allows employees of the enterprise to create IT solutions and quickly close a wide range of tasks as part of the operational activities of the enterprise.

What is Virtual Data Room?

Investor due diligence is essential to any transaction, and a virtual data room, also known as a virtual data room or VDR, can make this job much easier. Knowing whether or not an investor has consulted, modified or annotated a document, or knowing that he is no longer interested, can make or break a financial transaction. For a start-up that uses a data room for its financial round, having control of all documents in one secure place can free your mind – and that of your investors.

How to Choose a VDR Provider?

Security certified by independent auditors: Take care to study the security ratings and certifications of all candidates. Connected, but without compromising security! Many publishers advertise that their tool integrates with other platforms, but carefully check the security conditions of this integration. It’s easy to integrate with a public email service like Gmail or a software suite like Microsoft Office, but is that really what you want? After all, public messaging systems are in no way secure, and synchronizing your data with other tools or platforms can compromise the security of your solution. Indeed, why choose software or a tool that is supposed to form a protective enclosure around you if it sends your data to a security sieve?

Think about the future. Many smaller vendors offer perfectly safe online data rooms to store documents during a merger/acquisition proceeding or a financial round, but their use stops here. Look for more comprehensive tools that can meet your business needs far beyond your occasional search for a VDR.

A VDR for M&A, Private Equity and More

If virtual data rooms are useful for financial operations, they are also widely used in the daily life of companies such as before the preparation of board meetings, in order to ensure flawless protection of the most sensitive data of the company.

Combined with our flagship product Diligent Boards, our virtual data room solutions Diligent Secure File Sharing and Diligent Secure Meeting Workflow are based on cutting-edge technologies developed by Diligent and Brainloop, both members of the Diligent Group. We thus offer the most secure and complete virtual data rooms on the market. Merger and acquisition projects, board of directors documents, taking minutes, company annual reports, succession plans, don’t wait any longer to protect your most precious data!

The Main Advantages of VDRs

Virtual data rooms or dealrooms are an alternative way for company leaders to store and secure high-level documents that require more security

Dematerialization

Beyond the benefits for the environment, dematerialization offers two essential advantages to your team. In the case of a large merger/acquisition or a law firm dealing with a large number of clients and transactions, the cost of paper quickly becomes an obstacle. Thousands of pages are printed, and a single typographical error or last-minute content change can force you to start over and over again. The online data room frees you from the constraints of printing, saving considerable time and labor. Dematerialization is also a way to achieve a better level of security. How many people have ever misplaced their briefcase or legal file? Such a loss jeopardizes your business and can have an insurmountable cost. Virtual data rooms make it possible to restrict someone’s access at any time, whether it’s at the end of their mission for the project or if their device is declared lost.

Efficiency

When you work with many investors or clients, you have to get countless documents signed. With an efficient virtual data room, you easily share information with the right people, collect signatures and validate that all the elements necessary for an agreement are met. Better organization and easier tracking speeds up your business and your business.

Savings: The initial cost of a virtual data room may seem high, but it is important to measure its potential to pay for itself over time. The peace of mind and security of your documents are priceless. On the other hand, your budget can quickly suffer from the proliferation of business trips between your offices and those of the client or investor to present and have documents signed. With a virtual data room, such expenses simply do not exist. Nor is it necessary to print – or reprint – the documents before realizing that they are no longer of any use. Beyond the financial gain, you free up time for your teams and allow them to focus on high value-added missions.

Transparency and Professionalism

It is important to make the daily life of your customers, investors and employees easier. The VDR creates a unique, collaborative and secure environment where everyone works at ease. Transparency is no longer a utopia, and is organized to serve your organization. Better still, the image that your organization sends back to investors and external collaborators – dynamic, up-to-date, structured – can prove to be very profitable economically.

Benefits of Diligent Corporation

Diligent Corporation is the global leader and pioneer in modern governance tools. Every day, we help more than 16,000 companies with their security and compliance initiatives. As in a virtual data room, the information exchanged by the members of a board of directors is confidential and must be secure. Diligent allows you, through a suite of intuitive, secure and collaborative tools, to control all your sensitive data, anywhere and anytime. Contact our team to learn more about our solutions.

 

Virtual data room for banking

A new technology is beginning to triumph in investment banking: the virtual data room. Regardless of whether it is a takeover or raising capital – the time-consuming examination of a company’s books (due diligence) is often no longer carried out in rooms crammed with mountains of paper, but online. Roughly a quarter of all mergers and acquisitions are now processed using electronic data rooms.

VDR for Banking

Virtual data rooms, in which companies put all relevant information on the Internet, have emerged in the USA. But the new technology is also being used more and more frequently in Germany – for example with the sale of Landesbank Berlin. Siemens even sets up 120 data rooms every year, says Kai Lucks, who is responsible for M&A integration at the group. Smaller companies have also discovered the tool. According to estimates by Christoph Louven, partner at the Lovells law firm, which itself offers electronic data rooms, this instrument is used in around half of takeovers worth between 150 and 500 million euros in Germany.

Perhaps the biggest advantage of the Internet is that companies usually save themselves the need to set up physical data rooms. In addition, in this way several interested parties can examine a company at the same time – in times of physical data rooms, interested parties were only allowed to access the sensitive information one after the other, which lengthened the sales process.

The process also has advantages for buyers. You no longer have to travel from countries that may be far away to get an accurate picture of the economic situation of the object of desire via due diligence. Instead, they can do this conveniently from their own offices via the Internet, and 24 students can do this seven days a week. According to experts, this can lead to investors from abroad also being interested in a German medium-sized company who would otherwise have waved them off simply because of the high travel costs.

Wide Range of Function Settings

Investment banking includes a wide range of technical transactions and services such as underwriting, support for mergers and acquisitions, financing determination and many others. Our experts have become familiar with the numerous features of this industry and have adjusted the functionality of the data room accordingly. Using our virtual data room has the following benefits:

  1. Activity Tracking As soon as you open a virtual data room, you can track signs of interest in the services you offer. Since all files are displayed in real time and are constantly updated, you will understand in which areas the services are most in demand. On the VDR, you can also restrict monitoring using various filters. This will tell you in which countries or sectors your activities are of interest.
  2. Implement generic scoring. “Investment must be justified” is the motto of every successful investor. In order to understand whether a business or product can be profitable, it is necessary to make a reasonable assessment of the business benefit, as well as financial and legal aspects. VDR gives you that option. Our virtual data rooms provide a centralized platform for reporting, compliance documentation and due diligence. The company that manages the digital data room can also change access rights at any time and manage them in any way. If you want to attract the attention of investors right now, you can not archive information about the projects you have implemented, but store them on the platform for a longer period of time.
  3. Use questions and answers for analysis. For your convenience, VDR has developed a built-in comprehensive Q&A section that focuses on important aspects of functionality. Thanks to the content of the “Questions and Answers” section, potential customers will learn a lot about the business without posting additional discussions.

For banking institutions and investors, the security of vulnerable files is critical. Thanks to our virtual data rooms, you can enjoy the functionality of an end-to-end platform that manages content by investment interest without worrying about security.

 

How to Protect Your Business From Social Engineering Attacks

When most people hear the word cybersecurity, they think of how to protect themselves from hackers who exploit technical vulnerabilities in networks. But there is another way to penetrate organizations and networks – through human weaknesses. That’s what social engineering is all about: a way to trick someone into giving up information or giving them access to data networks.

Types of Social Engineering Attacks

Social engineering attacks are different. Therefore, it is important to understand what social engineering is and how it works. By learning to recognize the underlying mechanism of action, you can spot such attacks much more easily. The most common are:

    • ransomware;
    • phishing;
    • targeted cyber ‚Äč‚Äčthreats;
    • DDoS attacks;
    • internal threats.

How to Avoid a Social Engineering Attack

Social engineers are particularly difficult to counter because they use the traits of human nature – curiosity, respect for authority, a desire to help a friend. However, there are a number of tips on how to spot their attacks.

Check the Source

Think for a moment where the news is coming from – don’t trust it blindly. On your desk nobody knows where the flash drive came from? Did you suddenly get a call saying you inherited $5 million? Does your manager ask you to send him a lot of data about individual employees in a letter? All of this looks very suspicious, so proceed with caution.

It’s easy to verify the source. If in doubt, go to the official website, contact a representative and ask them to confirm or deny the message.

What Do You Know?

Does the person calling you or texting you know all the relevant information, e.g. B. Your full name? The bank clerk should definitely have all your details in front of them and will definitely ask you for a confirmation word before allowing you to make any changes to your account. If this does not happen, there is a high probability that the letter, message or call is a forgery. Be careful!

Stop and Think

Social engineers often use the illusion of urgency in hopes that the victim won’t think much about what’s happening. Just a minute of thought can help you identify and prevent an attack.

Do not rush to provide data by phone or follow the link. Better call the official number or visit the official website. Use a different contact method to verify the credibility of the source. For example, if a friend emails you asking for money, write or call them to make sure it’s really them.

Need Proof of Identity

The easiest way for a social engineer to break into a secure building is to carry a box or stack of folders. Someone will definitely hold the door open for him. Don’t fall for this trap: always ask for ID.

The same rule applies in other situations. If you are asked for information, provide the name and number of the caller or their immediate manager. Then simply check this information on the Internet or in a directory before you provide any personal information. If you don’t know the person requesting information and you still have doubts, ask someone to verify and then call back.

Use a Strong Spam Filter

If your email client doesn’t filter spam thoroughly enough or doesn’t flag emails as suspicious, try changing the settings. Good spam filters use a variety of information to identify spam. You can identify suspicious files or links, blacklist untrustworthy IP addresses or questionable senders, and analyze email content to detect fakes.

How Plausible isThat?

Some social engineers rely on you not to think about it. Try to assess how realistic the situation is so you can avoid an attack.

Do Not Hurry

Be especially cautious if you are told the situation is urgent. This is a standard way for attackers to keep you from thinking. If you feel pressured, slow down. Suppose you need time to get the information, you need to ask your boss, you don’t have the right data at the moment, anything to give yourself time to think.

In most cases, the scammer takes no chances and realizes that the element of surprise is gone.

Protect Your Devices

It is important to protect the devices so that even if the attack is successful, the social engineer cannot get too much information. Whether smartphone, home network or large company system, the principle is the same.

Keep Your Virus and Malware Protection Up to Date

Update your software and firmware regularly, paying special attention to security fixes.

Do not run the smartphone with root privileges and the network or computer in administrator mode. Even if the social engineer gets the password to your user account, they cannot change the system configuration or install anything on it.

Don’t use the same password for different accounts. You don’t want an attacker to be able to log into all of your accounts with one password.

Use two-factor authentication for your most important accounts so they can’t be hacked with just a password. You can use voice recognition, optional security device, fingerprint or SMS confirmation.

If you just provided your account password and suspect you have been scammed, change your password immediately. Stay up to date on new cybersecurity threats

Think About Your Digital Footprint

Think about your online presence. By posting a lot of personal information on the Internet (e.g. on social networks), you help attackers. We advise you to speak more cautiously about yourself and only make your publications available to friends. No need to be paranoid, just be careful.

Consider what other aspects of your life you share online. For example, if you published your CV on the Internet, you should remove your address, phone number and date of birth from there – all useful information that a criminal can use. Some social engineers prepare for an attack very carefully, gathering all sorts of data about the victim to hook them up. Don’t give them that opportunity.

Social engineering attacks are extremely dangerous because they occur in normal situations. However, if you fully understand their mechanism and take basic precautions, you are much less likely to fall victim to them.