How OneDrive for Business Enhances Financial Data Security for Australian Companies
If you’re in the financial services space here in Australia, you already know that protecting client data is non-negotiable. Between strict compliance requirements like APRA CPS 234 and the ever-growing threat of cyberattacks, securing sensitive financial data is more important than ever. That’s where OneDrive for Business comes into play.
Why Should Financial Firms Care About OneDrive?
Let’s be honest—when you think of Microsoft OneDrive, your first thought might be about storing photos or sharing documents, not locking down sensitive client information. But OneDrive for Business is a different beast. It’s not just cloud storage—it’s a secure collaboration tool designed with enterprise-level security in mind.
One of our clients, a mid-sized accounting firm in Brisbane, was struggling with scattered file storage across local servers and external drives. After a ransomware scare that thankfully didn’t result in data loss, they decided to shift to OneDrive for Business as part of a broader Microsoft 365 rollout. The difference was night and day. Their files are now securely stored in the cloud, access is tightly controlled, and staff can collaborate without using risky email attachments.
Top Security Features That Make a Difference
Here’s how OneDrive for Business helps financial firms like yours stay compliant and secure:
- Data Encryption: Files are encrypted both at rest and in transit using AES 256-bit encryption. That’s the same level the military uses.
- Advanced Threat Protection: Integrated with Microsoft Defender, OneDrive scans files for malware and can block suspicious activity.
- Version History: Accidentally overwritten a file? No worries. You can go back in time and recover previous versions.
- Access Controls: You can control who sees what, and for how long. Permissions can be set at the file or folder level.
- Multi-Factor Authentication (MFA): Add an extra layer of protection by requiring users to verify their identity with more than just a password.
Compliance Made Easier
OneDrive for Business also helps with compliance. Whether you’re trying to meet APRA, ASIC, or ISO requirements, the built-in auditing and data loss prevention (DLP) tools can assist with record keeping and policy enforcement. The ability to track file activity and generate reports makes audit time less of a headache.
For more on how daily backups and compliance go hand in hand, check out our article on why daily backups are crucial to the Essential Eight cybersecurity framework.
Remote Work Without the Risk
With hybrid work now the norm, staff are accessing sensitive data from homes, cafés, and even airports. OneDrive ensures that files are not only accessible but also secure no matter where your team is. Remote file wipe is also available—so if a device gets lost or stolen, you can remove company data remotely.
We covered more on working securely from anywhere in our blog on why remote IT support is essential for professional service firms.
Don’t Rely on Just Any Cloud
It’s worth pointing out that not all cloud storage is created equal. Consumer-grade tools might be fine for personal use, but when it comes to protecting financial records, you want something purpose-built for business. OneDrive for Business integrates seamlessly with Microsoft 365 and offers the sort of control, visibility, and security features that financial services professionals need.
Getting Started the Right Way
Thinking of making the switch? At Gray Area Consulting, we help financial firms set up OneDrive as part of a broader cybersecurity strategy. That includes access control, backup, staff training, and more. We’re also big believers in the Zero Trust approach—never trust, always verify. OneDrive fits perfectly into that model.
A Final Thought
You wouldn’t leave your filing cabinet unlocked in the middle of the office, would you? Treating your business data with the same level of care in the digital world is what OneDrive helps you do. It’s not just about storing stuff—it’s about protecting your business, your clients, and your reputation.
Need help getting started? Get in touch with us for a chat about how to secure your financial data the smart way.
