When you deal with sensitive client data, you’ll find yourself needing the services of a good redaction tool more often than you might initially realize. After all, if you need to transfer this data to an external party in order to deliver the services the client has paid for, then you’ll need to protect any private data from falling into the wrong hands.
What kind of client data should you be protecting?
Private data that needs protection includes bank account details, home addresses and information regarding the client’s family and friends. Basically, when transferring client data to a third party, you should only transfer the data that this third party needs to help you deliver the services in full. Anything else needs to be redacted, unless you want to end up in the headlines as yet another company facing a privacy lawsuit.
The cost of not redacting client documents
When you fail to redact sensitive information associated with your clients, you also risk losing trust among the very same clients who you would like to retain. And a client who doesn’t trust you isn’t going to keep doing business with you.
On the other hand, protecting sensitive information when it counts will give your clients more faith in you. For this reason, they’ll stay with you longer, trust you with more of their business and even refer their friends and family to you. If you deal with sensitive client information, and you care about your relationships with your clients and your business reputation then you need to learn how to redact client documents properly.
How to redact documents properly
The most common redaction mistakes involve manual redaction when people don’t want to spend money on redaction software. Sometimes people opt for manual redaction simply because they don’t know any better. In other words, assume that by blacking out confidential information, they’ve hidden it from public view. Most organizations trying to do this often put opaque boxes over the confidential text to obscure it. Some change the color of each section of confidential text to white. In this way, the text blends into the background.
Any professional who has been doing redaction long enough will tell you that manual redaction is not foolproof. It is this realization that led Amanda Levay, Redactable founder and CEO to develop her AI-driven redaction software.
“As a former loan consultant, I would get tons of confidential documents sent to me for due diligence packages,” Amanda explains. “I was constantly emailing confidential documents such as client tax returns, social security numbers and account information. On top of that, I would receive lots of appraisal and inspection reports from clients. I had a hard time hiding the confidential data on these documents. I even tried putting a white box over the data. I later found out, along with many others, that this didn’t work.”
As a professional working in the finance industry, Amanda knew that she couldn’t afford to take chances with client data. Convinced there was a better way of handling confidential information, she set out to start Redactable.
Redactable is a cloud-based, AI-driven platform built to redact confidential documents. The redaction software leverages AI/ML technology to auto-detect confidential information in a document and redact it permanently. By delivering secure redaction, metadata removal and collaboration tools, Redactable is the gold standard in redaction software.
Since Redactable is a web-based application, it is designed to be easy to use. You don’t need to download and install any software on your computer before you use it. Likewise, you don’t need to install any plugins. With its wide range of features, Redactable is well-positioned to serve companies across several industries.
Who needs Redactable?
Are you in the legal or compliance department at your organization? Well, then you will love the capabilities of Redactable. With this web-based application, you can guarantee the safety of company or client documents. There is a lot of sensitive information that needs security when it comes to legal services. As a lawyer or legal practitioner, you may wish to redact some of it before submitting a copy of your documents to various parties.
While you can do this on your own, the manual process is time-consuming. Beyond that, it’s susceptible to errors. While manually redacting sensitive information, you may fail to redact some due to exhaustion or time limitations. Using Redactable, you can manage multiple documents easily and fast.
Redactable is an especially resourceful tool for those offering financial services. As a professional in the financial industry, you understand the sensitivity of financial records, whether they belong to an individual or a company. That shouldn’t worry you anymore, especially when you’re working on financial compliance. Simply sign up with Redactable and redact your documents with ease.
Why should you give Redactable a try?
- Automated Redaction
Redacting a document with a few pages may seem easy, especially if it’s in your area of expertise. But what happens when you have several files that need redaction within a limited time? This can be a headache, even for the most skilled redactor. With the automation function in this application, the file size is never a limitation. You can redact countless files and meet your deadline. Simply use the automated redaction option, and the inbuilt AI will manage the entire process for you.
- Eliminates Errors
Simple redaction errors can cost your company a significant amount of cash. Depending on the lawsuit, you could find yourself paying hundreds of thousands, or even millions, of dollars for settlement. But that’s not all – a privacy leak and the accompanying lawsuit will cost your business its reputation.
You can avoid all of this by simply using Redactable. The level of accuracy of this tool when it comes to redaction is very impressive. The inbuilt AI ensures that all the sensitive information gets redacted.
- Reliable Results
Unlike manual redaction, the results from auto redaction are reliable, and that is especially the case with Redactable, which is powered by AI/ML technology to reduce errors and improve productivity. This platform comes in very handy, especially when handling time-sensitive tasks. Once you decide the mode of redaction that fits the project, implementing it is simple. And the outcome from it is concise. To a business, accuracy is an important asset, especially when you’re dealing with sensitive information.
- Boosts Business Strategy
Most government legislation on data privacy is in place to prevent exposure of sensitive information in public areas. To some extent, these laws are vital because they protect consumer data. Normally businesses would have experts in place to manually filter out sensitive details from documents.
This is what we call a “no technology” strategy. However, the level of accuracy is not reliable, and the strategy is inefficient. With the Redactable web-based application, your business will benefit from an automated process. The level of effectiveness is commendable and the efficiency is impressive.
Why Redaction is important for your businesses
- Improves data privacy
- Eliminates security concerns when it comes to client data
- Can be used to hide sensitive financial statements
- Enables compliance with federal or state regulations on data privacy
The future at Redactable
Redactable is launching with 900k in pre-seed funding raised to deliver this software to professionals in different industries across the world. With support from renowned VCs like The Fund, Hustle Fund, Revelry and Stony Lonesome Group, the future at Redactable is bright.
Are you ready to boost your business by improving the privacy and security of your data? Well, it’s time to sign up with Redactable. As mentioned earlier, it’s a reliable tool for the finance, legal, compliance, and B2B spheres. Therefore, if your business falls short in any of these areas, feel free to reach out. And remember, the cost of not securing your data is even more fatal than the investment it requires.
Failing to comply with federal or state legislation on data privacy could be bad news for your business. If you are uncertain of whether or not this tool is right for your business, reach out for consultation via their website. For constant updates, you can also find Redactable on LinkedIn and Twitter.