Data breach. Two words that send shivers down any company exec’s spine. Unfortunately, they’re increasingly common, the effects are widespread across a business’ operations and the financial impact can be massive.
At CreditorWatch we’re acutely aware of the trust you place in us when you sign up to use our platform. We’re continually monitoring our information security management to ensure that our platform remains at the highest level of security.
Not all platforms are created equal. When assessing a new platform to support your finance team with customer onboarding, credit reporting, risk assessment, payment collection or meeting reporting obligations it’s essential that the tool meets their needs. However, if you’re failing to prioritise the security credentials of software systems that you are likely to integrate with other key systems such as your accounting software, then you could be setting yourself up for a world of pain.
While many profess to have rigorous security standards, doing your homework in this area can give you a real competitive advantage. Working with a partner whose data security and uptime is gold standard, can prevent hours in lost productivity, save you from losing unhappy customers and have a real impact on your bottom line.
- Productivity – secure platforms mean high percentages of uptime, ensuring you greater business continuity. You’ll also be saved from time wasted picking up the pieces after any security breach.
- Financial – downtime costs not only business productivity but has a rolling effect on your revenue. Losing clients, not being able to charge them or failing to complete work for them during downtime comes at a cost to your bottom line. And this is on top of the overtime you’ve had to pay staff spending extra hours trying to rectify the security issues.
- Trust – hard won and easy to lose. Data security issues have a massive impact on your brand reputation. If your customers lose trust in your ability to secure their confidential data and do the job for them without downtime issues or security breaches, it’s likely they’ll be looking for somewhere else to take their business.
We’re continually striving to deliver the best products on the market. A major part of this is ensuring that the platform our customers sign up to is as secure as possible. Over the past 12 months we’ve gained Australian and international recognition and certification for the high levels of security the CreditorWatch platform maintains.
ISO, the International Organization for Standardization, develops and publishes globally recognised International Standards. Standards are agreed by subject matter experts and are a clear way of knowing you’re getting the best.
CreditorWatch has been awarded the ISO 27001 and ISO 27017 certifications for information security management and cloud security controls respectively. This accreditation reinforces our ongoing work to maintain the highest security levels for our platform.
In February 2023 CreditorWatch became the first credit reporting bureau in Australia to be granted the Digital Service Provider (DSP) certification from the Australian Taxation Office (ATO).
To be granted this certification, Creditorwatch’s data security procedures and uptime were assessed by the ATO against the DSP Operational Security Framework. Gaining this certification means that Creditorwatch meets the requirements set out to:
- Reduce the risk of identity theft
- Reduce the risk of tax refund fraud
- Reduce the risk of system hacks
- Provide controls to protect the confidentiality and integrity of clients’ data.
With high levels of security come high levels of uptime. CreditorWatch is proud to deliver its customers consistently strong levels of uptime. In fact, over the past three years we’ve maintained market-leading minimum uptime of 99.95%. Be confident that when you’re using the CreditorWatch platform, you’ll have 24/7 access, making for excellent business continuity and employee productivity.
The CreditorWatch system is 100% cloud-based and built on the AWS platform. In addition to our international certification for security standards, we also have AWS certification for a well-architected framework. Security is one of the six pillars of the framework which lays out how brands can use cloud technologies to protect data, systems and assets.
Having a cloud-based system means we’ve made it easy for our customers to connect and integrate to the CreditorWatch platform. And as our customers’ businesses grow, with cloud technology we can easily scale with the demand for our service. Once again, ensuring you can do business 24/7 with no loss in productivity or revenue.
If you’re being held back by downtime or not confident in the data security of your current partners, have a chat to our team of credit management software experts. Learn about CreditorWatch’s suite of credit management tools and how these can securely integrate with your business. You’ll be breathing easier in no time.
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