Financial institutions are really bad at managing their files

Virtually every company has lost files.

Pretty much every organisation in the financial sector, 96 per cent of them, struggles to find documents in the workplace. This is according to a new report by M-Files, saying financial sector organisations need to be better at protecting their information. 

M-Files was quick to throw words like “putting customer data at risk”, or “GDPR” around, too. 

The report claims that almost two thirds (62 per cent) of respondents have had to recreate an existing document, because they failed to find it on the corporate network. Just below half (46 per cent) said employees use file sharing apps, and 27 per cent said their staff uses personal devices to access corporate data. 

More than a quarter (27 per cent) experienced a mobile device-related information security incident last year, with another 31 per cent not knowing if such an incident even happened or not.

“Financial institutions must become better at managing their information assets, as they face ever increasing security threats from both inside and outside of the organisation,” said Julian Cook, VP of UK Business at M-Files. 

“Those in the finance industry have a responsibility to their customers to ensure that the information they manage on their behalf is protected in a highly secure way, but evidence is widely available to suggest that many are struggling to do so.” 

M-Files is a provider of solutions that improves how organisations manage documents and other information.

Image source: Shutterstock/Carlos Amarillo