Being in business often involve sensitive information. Such information has to be protected from various entities like competitors, cyber criminals etc There are contracts or strategies which haven’t yet been made public or financials that rely on not-yet-released market data.
Thus, it has become essential to keep your employees (and your company) out of hot water with all that confidential information floating around!
Following are 5 ways one can manage such confidential information :
1. Knowledge of the existing and upcoming regulations
Depending on the type of information you’re handling, you may need to adhere to Global, Central or State laws from time to time. Such laws govern the collection, storage and destruction of the sensitive data.
Also, there are norms on documentation with respect to health, finance and salaries.
2. Know the internal rules
Many companies have standards and procedures in place which address the need to handle the sensitive information carefully. The legal or human resources departments have to be sure of the latest information stored on the company’s data base. It can be with respect to the code of conduct, corporate governance, or other applicable guidelines.
3. Maintain your paperwork
If confidentiality forms or non-disclosure agreements are needed for individual team members, confirm now that you have everything on record. When new people join the team, immediately obtain the necessary forms for them, too. Determine if external consultants and vendors should also sign NDA or other agreements.
4. Limit access by segregation of duties
Review each team member’s role, and identify who does and doesn’t need access to sensitive information. The wide sharing of knowledge generally contributes to a smooth-functioning team, but access to confidential data should be tightly restricted to only those positions that can’t successfully function without it. VComply can help the company by assisting the management to map the responsibilities in an efficient manner.
5. Communication of expectations
Instruct employees with access to sensitive information to maintain strict confidentiality. The employees with access to know-how should be monitored regularly to prevent unintentional internal leaks.
Sharing sensitive information with other companies might compromise your competitive advantage, but even sharing confidential information internally could present serious problems.Add to favorites