Why should you add strong data security to your Business Intelligence Software?
#1. Preserving Corporate Reputation
A company's reputation lies majorly in its ability to protect data. In 2017, Equifax, a major credit reporting agency, had a data breach that exposed the personal data of 147.9 million people. It resulted in a 14% drop in share price and substantial reputation damage. A more secure Business Intelligence Software could have prevented such extensive damage.
With Grow, you get the assurance of SOC II compliance and certification. This means independent auditors and testers have verified Grow's security processes, confirming that your data is in safe hands.
#2. Maintaining Competitive Advantage
Imagine that a rising rival found out about the formula or marketing plan of a leading soft drink maker. The second group might be able to make the same product or find ways to counter marketing tactics, which would level the playing field.
Grow’s unique Data Pods Architecture for Business Intelligence dashboard software ensures that each account operates on its independent server with multiple security layers, making data breaches a distant concern. This architecture not only enhances performance but also substantially elevates data security.
Discover the smarter way to protect your data with Grow’s pod-network design, a modern and more secure approach than traditional methods.
Experience the security of Grow firsthand. Request a free demo today.
#3. Avoiding Financial Repercussions
In just the first few months of 2023, a staggering six million data records faced exposure due to global data breaches.
Data breaches aren't just about lost data; they're expensive. Companies can face regulatory fines, litigation costs, and even revenue losses from decreased customer trust. Proper security protocols in their BI dashboard software can substantially mitigate such costs.
Every interaction with Grow's app is secured with an HTTPS session backed by a DigiCert SSL certificate. Furthermore, with best-in-class Amazon Web Services, data integrity is maintained at every touchpoint, effectively minimizing the risk of financial repercussions due to security lapses.
#4. Ensuring Compliance
Various global standards, like GDPR in Europe and CCPA in California, impose stringent data protection requirements. In 2023, Meta faced a record €1.2 billion GDPR fine by the Irish DPC for inadequate data transfers to the U.S. This historic penalty underscores the high stakes of data security and the dire financial consequences of non-compliance.
A secure Business Intelligence dashboard ensures companies remain compliant and avoid these pitfalls. At Grow, your data's safety is a top priority. We employ OAuth for secure access to third-party APIs, eliminating the need for you to share your sensitive login credentials. Your authorization permissions are protected through robust encryption in our database.
Some data source prompts may request write access alongside read access, but rest assured, Grow's platform never alters data. You retain full control, easily removing data connections or revoking Grow's access. Even after account deletion, your data remains secure for 75 days, and should you require earlier deletion, simply contact Grow.
Your data, your control, with Grow.
#5. Promoting a Culture of Security
When employees know that the tools they use are secure, it not only boosts their confidence but also ensures they maintain best practices in their operations. It creates a workplace where data security becomes a collective responsibility.
Grow's user access provisions allow organizations to restrict Business Intelligence dashboard access at the user level, further focusing on a culture of data privacy. Moreover, any account access, even by Grow employees, is logged, tracked, and subject to SOC2 compliance. Grow even offers a two-factor authentication option, enhancing user account security.
#6. Enhanced Customer Trust
We know that banking apps that provide secure environments for financial transactions and protect user data will likely see increased usage and recommendations over those that have experienced security lapses.
The Grow Business Intelligence software has taken robust measures to ensure the confidentiality and protection of customer data. From emphasizing Data Source Security with HTTPS and the industry-standard 128-bit SSL encryption to ensuring the privacy of users' login credentials via OAuth connections, Grow provides a comprehensive security framework. Moreover, Grow places power in the hands of its users, allowing them to maintain absolute control over the permissions they extend to the platform.
Conclusion
A robust BI suite security isn't merely about technical protocols; it's a strategic commitment to data protection. By incorporating Grow's state-of-the-art security offerings, businesses can ensure they not only reap the benefits of data-driven insights but also guarantee that these insights remain exclusive and protected. For those keen to explore more on user experiences and detailed reviews of Grow, you can check out Grow.com Reviews & Product Details G2.
