Payroll Solutions and Security
If Security Isn’t a Top Consideration For Your Payroll Solutions, You’re Leaving Your Company and Your Workers Vulnerable
There’s hardly a business function in the world that accesses more personal and sensitive company information than payroll and hiring. The best systems, software, and teams mean little if they are vulnerable to security attacks.
Hackers attack businesses through a myriad of ways
Online or email impersonations of a familiar person, such as phishing. Phishing is the act of sending an email that poses as a legitimate person or organization, usually with a request to click a malicious link or send money. This can be especially disruptive because of the familiarity of the name being used. For example, someone may use the correct name so that it looks familiar while redirecting to their own account. (Ann.Smith@organization.com versus Ann.E.Smith@organization.com). Since the name is familiar, it may get past even careful users.
Types of Attacks:
- Phishing and Vishing attacks
- Malicious Software
- Social Engineering
- Ransomware
- Malware
- Spyware
- Pretexting
Such security failures cost businesses millions of dollars each year and affect big and small companies alike (just watch the news!). All sectors, including financial, healthcare, educational, and private institutions are vulnerable.
Costs of a Data Breach
PayReel stays ahead of the technology curve to deliver access to the very latest innovations.
According to IBM’s 2020 Security Report:
- The average cost of a data breach in the USA is $8.64 million
- Remote work increased the average breach cost by $137,000
- The average cost per lost or stolen record is $146 per individual
Other Common Payroll Security Issues
In addition to security breaches which compromise individuals’ personal information, there are internal concerns, too. Small businesses without multiple systems of checks and balances may end up with the following costly challenges.
Those costly challenges include:
- Ghost employees (someone on the payroll who does not actually work for the company)
- Hour padding (he practice of having someone inaccurately report hours)
- Buddy punching (the practice of having someone inaccurately clock in or out on behalf of someone else)
These efforts can go undetected and cost big money over the course of a scam.
What Makes PayReel Different?
PayReel integrates cutting-edge technology, multi-level security systems, artificial intelligence-based monitoring systems, and several penetration and vulnerability testing firms to create as safe a contingent workforce solution as possible.
All of PayReel’s systems run on Amazon’s AWS, which leverages the power and scalability of Amazon, along with their best-in-the-world security practices.
All PayReel personnel and contractors are trained and tested both monthly and annually to ensure each person isn’t just exposed to our security practices but is actually adept at them.
PayReel employs HIPAA-based, multi-level security and insurance practices which ensure our clients’ resources, contracts, and data are protected at all times. In short, we partner with and employ several internal and third-party resources to protect your information as fiercely as possible.
Security is Everything
Risk mitigation is best managed by smart safety programs and insurance measures. PayReel’s robust insurance policies conform to meet large corporate and financial institution requirements and guarantee the highest level of protection for clients.
We observe and exceed industry best practices by:
- Encrypting all sensitive data at rest, in transit, and at a database field level
- Classifying every single data field in our systems and treating all sensitive information in accordance with HIPAA recommendations
- Following best practices for privacy, as well as security, including requirements from the recently enacted California Consumer Privacy Act (CCPA) and Europe’s General Data Protection Regulations (GDPR)
- Professional Liability
- Keeping all sensitive data from going offshore
- Having third parties perform monthly security/vulnerability checks and an annual penetration test
Some of the most recognizable brand names in the world trust PayReel to keep their mountains of valuable data secure.
Contact us to see how we can help you sleep easier at night.
