Data security & Private Equity software – What you need to know
A lot of our clients come to us with questions about where they should store the data that lies within their Private Equity Software. Because our software is built on the Salesforce platform, we might be a bit biased but we feel storing your data with Salesforce is the most secure way to maintain the safety of your data. There are a few reasons for this.
First of all, Salesforce provides a comprehensive privacy and security program that includes certifications, policies, practices, people, and technology. This policy ensures that, for our clients who are subject to privacy-related laws that govern how they handle data, we can still meet their requirements.
For any client who insists on storing data locally for security reasons, we would advise against that. Obviously the main flaw in storing data locally is that if you have a fire or some other disaster and your local server is destroyed, you lose all of your data. Certainly there is the option of backing up your local server and storing that data elsewhere but you’ll likely have to pay a third party to provide backup service for you and in the event your server is lost, it takes time to get your data back from the backup. Local storage also requires you to purchase and maintain additional hardware for storing data locally.
When you store data with Salesforce, they are performing the backup for you at no additional cost so losing your data is essentially impossible. If you’re a Private Equity firm and your building burns down, you and your team can go to a nearby coffee shop or anywhere with an internet connection, and be back at work instantly.
It’s the nature of working with a SaaS company that employees from third party providers such as our company Application Experts may have access to your data. There are ways that we can limit the access to your data if that’s what you require. We recommend that when selecting a SaaS provider, look for a company with a good track record who has been in business for a significant amount of time, look at their current client list for organizations you know or recognize, and ask about their client retention rate. The industry average retention rate for SaaS providers which is estimated to be between 82% and 90%. Also, ensure that your SaaS provider is not making backups of your data or storing any of your data on their premises.