Don’t turn a blind eye to spreadsheet vulnerabilities – FinTech Futures

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Introducing PrizmDoc Cells from Accusoft

Spreadsheets remain a vital tool for the financial services industry. Whether it’s assessing risk, tracking investment performance, or calculating revenue, organisations use spreadsheets to manage their rapidly growing troves of data.

Microsoft Excel remains the go-to choice for many companies, but some firms are so accustomed to using it that they often fail to recognise the potential risks in doing so.

Top three spreadsheet problems

1. Human error

When users enter data and formulas into spreadsheets, there are numerous opportunities for mistakes. Studies have found that about 90% of spreadsheets contain errors of some kind. Even a “minor” mistake can end up costing a company huge amounts of money if it goes unnoticed.

2. Poor version controls

Keeping track of a spreadsheet’s most up-to-date version is difficult when users can easily download copies to their computers and mobile devices for later editing. Modifications in one spreadsheet often aren’t transferred to others, which quickly leads to multiple people in an organisation working from different data sets.

3. Security risks

Excel spreadsheets tend to have weak security protections and are often exploited by hackers. According to Cisco, 38% of malicious email documents are disguised as Microsoft Office files. Cloud-based spreadsheet solutions, such as Google Sheets and Office 365, may offer convenience, but many financial services firms cannot afford to store mission-critical data on third-party cloud servers.

Introducing PrizmDoc Cells

Developing customised, in-house software to address common spreadsheet problems can be an effective solution, but building those capabilities from scratch is time consuming and expensive.

Accusoft’s PrizmDoc Cells allows organisations to view and edit XLSX files within their existing applications. For financial companies looking to view and share Excel files without also providing access to proprietary elements, PrizmDoc Cells delivers a secure solution in an intuitive, Excel-like web interface.

Key PrizmDoc Cells benefits

Don’t become the next spreadsheet horror story! PrizmDoc Cells eliminates version confusion and error propagation by keeping spreadsheets entirely within a securely embedded viewer. No more emailing, copying, downloading, or unauthorised editing.

As a web-based viewer and editor, PrizmDoc Cells allows companies to securely embed spreadsheet data and formulas on any website, CMS, intranet, or portal. Firms can import, edit, and export XLSX entirely through their own applications without any Excel dependencies.

In addition to keeping essential data safe and secure in a firm’s private servers, PrizmDoc Cells also makes it possible to separate proprietary business logic and calculations without compromising usability. End-user access can be limited to hide formulas and other data that could expose your company to risk.

Help us make PrizmDoc Cells even better!

As part of Accusoft’s ongoing effort to bring innovative solutions to common spreadsheet problems, we’re conducting a survey to learn more about how companies like yours are using spreadsheets in terms of file sharing, collaboration, and quality control. Your feedback will be instrumental in helping us develop integrations that deliver superior accessibility without compromising security.

If your company is currently utilising spreadsheets to track and analyse data, project future trends, maintain contact lists, or meet other business needs, we want to hear from you! The survey only takes about five minutes to complete and will focus on how your team uses spreadsheets, how you manage access and version control, and what operational challenges you encounter.

TAKE OUR SURVEY TODAY!

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