Estimated Time to Read: 3 minutes
As an RIA, safeguarding sensitive client information is not just a priority but a regulatory obligation. Your firm handles vast amounts of financial data and ensuring the security of confidential information is paramount. When it comes to sharing documents with clients, the method you choose can significantly impact the safety of that information. While email has been the conventional choice for many, Egnyte's "Request File" feature offers a superior alternative that enhances cybersecurity in several important ways, tailored specifically to the needs of RIA and Wealth Management firms.
Let's break down why Egnyte's "Request File" feature is the preferred choice for securely obtaining documents from clients vs traditional Email requests
- Encryption: Confidential financial information is a prime target for cybercriminals. When you send an email containing such data, it's akin to sending it on a digital postcard—visible to anyone who intercepts it. However, Egnyte's encryption protocols ensure that client data remains protected both in transit and at rest. This means that even if intercepted, the information remains unreadable to unauthorized parties, significantly reducing the risk of data breaches and ensuring compliance with regulatory standards. Traditional encrypted email can also be used to provide a similar level of protection, but these are often cumbersome to use for non-technical end clients who may be older and struggle with authentication mechanisms. Egnyte removes the need for additional authentication and streamlines the process for the sender and the recipient.
- Access Control: Compliance requirements dictate strict control over who can access sensitive financial documents. With email, once you hit "send," you lose control over who can view the attached files. This poses a significant risk, especially considering the sensitive nature of financial information. Egnyte's "Request File" feature enables precise control over access permissions, ensuring that only authorized individuals within the firm and designated clients can view or download the files. This granular control minimizes the risk of unauthorized access and helps maintain compliance with regulations like SEC Rule 17a-4 and FINRA requirements.
- Audit Trails: Regulatory bodies require comprehensive record-keeping of client interactions and document access. Egnyte provides detailed audit trails that document every action taken regarding the requested files. From uploads and downloads to views and edits, these audit trails offer transparency and accountability, facilitating compliance with regulatory audits and internal security protocols.
- Centralized Storage: Your firm deals with a large volume of financial documents on a daily basis. Managing these documents via email can lead to scattered and disorganized data, making compliance and oversight challenging. Egnyte's centralized platform serves as a secure repository for all requested files, offering a single source of truth for document management. This centralized approach streamlines collaboration, ensures data integrity, and facilitates compliance with regulatory requirements such as SEC Rule 204-2 and SEC Rule 206(4)-7.
- Customization: Every RIA and Wealth Management firm has unique security requirements and compliance obligations based on their specific business model and clientele. Egnyte's "Request File" feature allows for tailored security settings to align with these requirements. From setting password requirements to defining access expiration dates, you have the flexibility to implement security measures that best suits your firms risk profile and compliance needs.
Using the Request File feature in Egnyte is both quick and easy! There are a couple of different options for setting it up, the most popular being:
- Create a general file repository and link to it in your email signature, anyone can click the link and upload files.
- Create a specific link to collect files from an individual client or prospect. Any uploaded files will land in the right spot, every time.
Whichever you choose, the process is the same.
- Login to the Egnyte Web interface
- Choose the folder where you would like uploaded files to land
- Click Share > Request Files From Others
- Choose your options for Link Expiration & Folder Creation
- Click on Get Link > Copy Link
- Paste the link provided either into an email to the recipient or into your email signature or wherever you would like to publish the link.
Click here for a video walkthrough.
If you have any other questions or need further assistance, please reach out to the team at it@tru-ind.com.