Is Cloud Faxing Safe For Financial Business Transactions?
Financial documents containing sensitive information are at risk when shared in the workplace. Various industries deal with financial information that can fall into the wrong hands with outdated storage and file-sharing methods. Cloud faxing is popular among multiple enterprises because of its benefits to those who handle vital information with database management. But is it truly a solid solution regarding security? Here, we’ll discuss what cloud faxing can do for your business regarding financial transactions.
What Is Cloud Faxing?
Cloud faxing is a digital solution that allows you to send fax online without an actual faxing machine or an analog line. Cloud faxing runs on a stable internet connection and with a desktop computer or a mobile device like a smartphone or a tablet. With cloud faxing, you can send and receive documents anytime and anywhere.
Your virtual faxes are accessible online through a service portal. Some cloud faxing companies allow you to generate different fax numbers connected to one account. Online faxing is easy to set up, and you can utilize it on the same day to increase workflow efficiency.
How Secure Is Cloud Faxing?
Cloud faxing is more secure than emails because of the various types of protection they offer for documents.
- Two-Factor Authentication
Online faxing services utilize two-factor authentication for both apps and web browsers. Some services have a built-in code generator that allows users to produce random codes, making it harder for hackers to crack.
If you’re logging into your online fax account through different devices, it is a recommended method to secure your faxes. It alerts you by email, phone call, or text message whenever someone has logged into your account. Two-factor authentication unifies various devices as you’re using a single pair of usernames and passwords. Apart from your log-in details, the code generator or other methods form a two-layer security that you can use.
- 256-Bit Advanced Encryption Standard (AES-256)
Financial services firms use cloud faxing because of the advantages that AES-256 provides for cybersecurity. The improved version of the 128-bit encryption suffered much from security breaches back in 2015. The 256-bit encryption is an enhanced protection reinforced with a larger key to fend off severe cyberattacks.
This type of encryption only allows the sender and recipient to view the documents with the servers of the cloud faxing provider holding the file copies. Cloud faxing gives the user more management control of the files or faxes sent online. Some providers instantly delete the file copies after downloading or printing; others allow the user to delete the documents manually.
Users of cloud faxing can also expect some, if not all, of the following from their cloud faxing providers:
- Two-step authentication
- Automatic logoff when idle or inactive
- Details for logging off information and trails for auditing purposes for each transaction
- Capabilities such as power backup, internet, and hardware with SSAE16 Type II secured facilities
- User-friendly admin dashboard that allows the user to assign different security levels and accessibility
- Unique user identification and verification
If you compare the method to emails, only the messages receive encryption. Email addresses are still vulnerable to viewing. Securing email addresses is also more difficult because the sender and the recipient must use a decryption key or the same or compatible software for encryption.
- Security Sockets Layer (SSL)
Another type of security that online fax providers use is the Security Sockets Layer (SSL), which secures the internet connection and shields sensitive information, such as financial documents. It establishes a protected link between the client and the server (i.e. a browser and online store). SSL also creates a barrier to sensitive data such as credit card details and payroll information. SSL effectively deters unauthorized users’ access, modification, and reading of personal data.
- Transport Layer Security (TLS)
Transport Layer Security protocols establish the communication of client or server programs that prevents tampering, eavesdropping, and forging messages. It creates a safe and secure transmission tunnel between the sender and the receiver. The encryption process makes information non-readable to outside parties, with only the recipient getting unlimited access through a key that deciphers the encrypted message.
The encryption method is also utilized for sending and receiving emails with encryption, where two email servers hold the communication link between them. It is strongly recommended for businesses that have a strong presence online.
Financial information is safe and secure through the use of cloud faxing due to the many layers of security providers employ for the documents. Cloud fax providers use two-factor authentication, SSL, TLS, and AES-256 to ensure that various kinds of data are completely protected from unauthorized viewing and tampering. You can use cloud faxing and send documents without printing or viewing them through your desktop or mobile device over a stable internet connection.