|
Microsoft Excel and Outlook are two widely used software applications for managing data. While these tools are powerful and efficient, there are inherent risks associated with using them to store sensitive or critical data. In this article, we will discuss the risk factors of data maintained in Excel and Outlook and suggest risk mitigation strategies to ensure the safety and integrity of your data.
Risk Factors of Data Maintained in Excel: - Data Loss: Excel files are prone to corruption and data loss due to a variety of reasons such as hardware failure, software glitches, or user error. This can result in the loss of critical business data and financial information
- Unauthorised Access: Excel files can be easily shared and distributed, making them susceptible to unauthorised access. This can lead to data breaches and cyber-attacks, resulting in the loss or theft of sensitive data
- Lack of Version Control: Excel files lack version control, which makes it difficult to track changes made to the data. This can lead to errors in data analysis and reporting, and can also cause legal and compliance issues.
Risk Factors of Data Maintained in Outlook: - Phishing Attacks: Phishing attacks are a common risk factor in Outlook. Cybercriminals can send emails with malicious links or attachments to gain access to sensitive data or to install malware on a user’s computer
- Data Leakage: Outlook stores a large amount of sensitive information, including emails, contacts, and calendars. If a user’s account is hacked or compromised, this information can be leaked, resulting in significant damage to the user and their organisation.
- Compliance Issues: Outlook is often used for business communication, which means that it is subject to legal and regulatory compliance requirements. Failure to comply with these requirements can result in fines and legal action against the organisation.
Risk Mitigation Strategies: - Data Backup: Regular backups of Excel files and Outlook data can help mitigate the risk of data loss due to hardware or software failures. This ensures that the data can be restored in the event of an unexpected loss.
- Access Control: Implementing access control measures such as password protection, two-factor authentication, and restricted sharing can help mitigate the risk of unauthorised access to Excel files and Outlook data
- Anti-Phishing Measures: Users should be educated on how to identify and avoid phishing emails. Implementing anti-phishing software and training programs can help mitigate the risk of phishing attacks in Outlook
- Compliance Monitoring: Regular monitoring and auditing of Excel files and Outlook data can help ensure compliance with legal and regulatory requirements. This can help mitigate the risk of compliance issues and legal action against the organisation
- Implementation of an extensible CRM solution: CRM solutions such as Sage and Salesforce are flexible data repositories which can be used to solve the above risk factors and also provide numerous other benefits such as:
- Improved Reporting
- Process control
- Delegation of authority
- Worflow
- Automation
- Centralisation of data
In conclusion, Excel and Outlook are powerful tools for managing data, but they come with inherent risks. By implementing risk mitigation strategies such as data backup, access control, anti-phishing measures, and compliance monitoring, organisations can ensure the safety and integrity of their data, however as business grow the number of excel workbooks tend to grow exponentially as do the risk factors.
|