Why Is Handling Security and Risk Management with BPO Processes Important?

Business process outsourcing is a lucrative asset for organizations to take advantage of. Utilizing BPO increases efficiency, maximizes productivity, and streamlines operations for significantly less cost thin-house staff.

Hiring a BPO company allows a third-party organization to execute functions and operations for your corporation. This involves sharing private, sensitive data with an outside company. This might initially sound risky, but don't worry. There are several security measures that you can put in place to ensure that you are correctly handling security and risk management with BPO processes.

Handling security and risk management with BPO processes is essential for working successfully with a BPO company. No organization wants to take risks when it comes to security and privacy, so businesses must take active steps to minimize risks.

One of the easiest ways to handle security and risk management is to work with a qualified BPO company that values security and privacy. Additionally, you can ensure that your security is not being compromised with BPO processes by implementing security policies and establishing privacy measures in writing with your BPO company.

What Are the Biggest Cyber Threats to the BPO Industry?

To fully understand handling security and risk management with BPO processes, you must be aware of the biggest cyber threats to the BPO industry. Some of the biggest and most common cyber threats to the BPO industry include:

• Data Breach - A data breach refers to the release of company information to an untrusted source. Hire a BPO company for data-related services like data entry, data processing, or data management. You must ensure that this third-party organization is trustworthy and will keep your information secure, safe, and private.
• Cloud Hacking - Cloud-based platforms and infrastructure are prevalent for BPO companies because they allow ample data storage. However, there are risks with storing all of this sensitive information purely on the internet. BPO companies must enlist extreme security and protective barriers to keep their cloud safe from hackers.
• Automation Errors - BPO companies everywhere are increasing their reliance on automation, artificial intelligence, and machine learning. This automatically increases efficiency; however, machines can be prone to errors. Automated processes should be checked by skilled professionals to make sure that nothing slips through the cracks.

These are just a few of the biggest cyber threats that are important to remember in handling security and risk management with BPO processes. When working with a BPO company, it is imperative that you take an active approach to fight security risks.

How Artificial Intelligence Is Influencing & Affecting the BPO Industry

Artificial intelligence and automation is an extremely hot topic in business process outsourcing. As artificial intelligence continues to advance, businesses and companies can increase their efficiency more than ever before.

Artificial intelligence allows maximum efficiency for a low cost, which is an incredible asset for any company to possess. However, relying heavily on artificial intelligence and automation also can leave companies vulnerable if proper steps are not taken to ensure safety, security, privacy.

There are three main benefits that artificial intelligence offers the BPO industry, and they are substantial:

• Streamline Processes
• Maximize Efficiency
• Reduce Costs

Essentially, artificial intelligence works to accomplish the same goals as business process outsourcing, so it is such a valuable tool for the BPO industry. However, there are also three main drawbacks of depending on artificial intelligence:

• Technological Error
• Limited Skill (Compared To Humans)
• Security Vulnerability

When it comes to artificial intelligence, the positives outweigh the negatives significantly. Companies can also mitigate the risks of working with artificial intelligence by creating a combined approach between automated processes and human supervision.

What Is Risk Management Technology Seen In The BPO Industry?

Handling security and risk management with BPO processes is made easy and efficient with advanced technology. The BPO industry utilizes several risk management technology forms to make sure that all BPO processes are completed safely.

Keep in mind that every BPO company is different and will use other risk management technology. If you want to make sure that a BPO company prioritizes security, you can ask them what risk management techniques they use. Listed below are some of the standard risk management technologies that are used in the BPO industry:

• Risk Assessment Software - To stop security breaches from occurring, you must be aware of what risks are present at all times. Risk assessment software effectively analyzes, evaluates, and ranks potential risks to notify when systems are vulnerable, making it easy to block the malicious activity.
• CRQ Technology - Cyber risk quantification, or a CRQ , brings cyber risks into comprehensive risk analysis. This advanced form of technology forecasts risks in financial terms, which has recently been able to quantify cyber threats. With cyber risks quantified, corporations can make smart business decisions.
• Fraud Analytics - Fraud analytics refers to software that detects suspicious patterns in data and prevents fraudulent activity. Fraud analytics technology includes computer-aided audit tools (CAAT), audit command language (ACL), and IDEA.
• IT Team 24/7 - Many BPO companies offer a dedicated team of information technology professionals available at all hours. These experts monitor bandwidth activity, detect suspicious activity, encrypt data, and act quickly if any threats should arise.

Signs Your Company May Be at Risk & What Security Measures You Can Put in Place

Security breaches can happen at any moment. Consequently, it is hugely beneficial for you to know the signs that your company is at risk and how you can implement security measures to overcome these risks.

Listed below are some of the most common signs that suggest a security risk and what measures you can put in place to stop them:

• Sign: Outdated Software ???? Solution: Security Patches - Outdated software is hyper-vulnerable to cyber-attacks and security breaches. Without security patches, a hacker can easily access your system. Security patches are great for handling security and risk management with BPO processes for outdated software because they significantly increase the protection without replacing the software.
• Sign: Saving On Unprotected Servers ???? Solution: Data Encryption - Small businesses commonly store sensitive company data on servers that can be easily accessed by cyber criminals. Whether employees save to their company desktop, store to a database, or otherwise, this information should be encrypted and use firewall protection to only allow authorized users in.
• Sign: Employees Aren't Trained ???? Solution: Training or Outsourcing - The main vulnerability of cyber-attacks and security risks comes from human error. If your employees are not adequately trained to be handling sensitive company data, you are risking a lot. This problem can be overcome in two ways: extensive employee training or outsourcing to skilled professionals who already have experience.

These are just a few of the signs that your company may be at risk. When you add the security measures that we've suggested, you can have peace of mind. Handling security and risk management with BPO processes doesn't have to be difficult, and working with the right BPO company makes all the difference.

About Us - Rely Services

Rely Services is an industry-leading global BPO company. We have spent over twenty years effectively handling security and risk management with BPO processes. At Rely Services, we value your data security above all else, which is why we have strict measures in place for every operation.

If you would like to learn more about how your company can tackle handling security and risk management with BPO processes, Contact Us Here, and we'll be happy to help!