The GDPR deadline in May is fast approaching and every insurer who needs to routinely share customer data needs to make sure they are compliant. The financial penalties are severe, so it is worth looking at the best solutions available. Beyond Encryption®, a new British cyber security business, today formally unveils its flagship product: Mailock – Digital Recorded Delivery®.
Mailock is a secure messaging platform which has been developed to protect sensitive information sent by email, with applications extending into instant messaging and documentation.
Since the first email systems surfaced nearly 50 years ago, usage has skyrocketed with over 240 billion emails sent daily across the world. 86% of professionals name email as their favoured communication method.
Mailock enables the user to benefit from the complex world of encryption in a simple and user-friendly environment. Senders can authenticate their intended recipients identity as well as ensure that no other party can intercept the communication, all using their existing systems and email addresses. Aside from preventing unwanted interception, senders can also track when messages have been opened by an authenticated recipient, revoke message access if mistakes are made and benefit from a full audit trail of delivery – Digital Recorded Delivery.
Companies that send confidential information electronically are often unwittingly breaching the Data Protection Act which can currently result in fines of up to £500,000 per incident. The General Data Protection Regulation (GDPR) will dramatically extend these penalties once effective in May this year. Failure to comply could have catastrophic results so the new technology has been designed to help businesses meet Data Protection, GDPR and MiFID II obligations. With industry figures estimating that cyber-attacks are costing UK businesses more than £30bn a year, the potential financial implications, reputational damage and business interruption are huge.
Beyond Encryption started life nine years ago, borne from a desire to find a way to send and receive messages securely whilst also verifying that the recipient was indeed the intended party. Technological advances have enabled its founder, Paul Holland, a serial entrepreneur and well-known personality in the financial intermediary market, to deploy this patent pending approach ‘to secure communications for all’.
Holland comments: “The World Economic Forum has ranked cyber-crime as amongst the top three risks the world will face this year. More words are shared in email than are spoken in the world each day, many carrying sensitive content which can be intercepted in much the same way as a postcard might be in the normal postal system. We’ve seen the regulator’s teeth become ‘sharper’, but the Information Commissioner’s Office also makes the point that businesses themselves need to take steps to improve processes and security. Everyone that uses email faces the same security risks and numerous examples of data leakage are raising legal, moral and reputational issues on a daily basis.”
Mailock® also delivers a quantifiable enhancement to service levels by reducing the reliance upon traditional postal delivery. This improves customer service, reduces postal costs and creates a real ecological benefit. that not only aligns with Environmental Social Governance (ESG) standards but also safeguards senders and recipients alike.
Kerry Nelson, founder and principle at Nexus IFA, has partnered with Beyond Encryption® as part of her strategy to help protect client data where other firms in her sector are yet to react to the increasing volume of cybercrime incidents.
Signing up for a Mailock account couldn’t be easier. The platform can be accessed via an online portal or users can benefit from a more streamlined and integrated experience by simply downloading add-ins / mobile applications which are compatible with most popular email systems and mobile devices.
For more information visit www.beyondencryption.com