How Can a Personal Vault Benefit Your Business?

Due to the modern technological advancement all over the world, coupled with the recent pandemic that rocked the globe, remote work has, more than ever, become a necessary business operation.

Since productivity rises with ease of information access, you must be able to work from any location and access your information while you are on the go to do this efficiently.

The personal vault was designed with the simple goal of providing a large amount of online storage. With time, large and small businesses adopted that concept and their perspectives. The system has since then grown smarter over time than it had previously. 

Personal Vault is a doorway for online and offline data access, retrieval, and sharing. The key advantage is that users can access data from anywhere at any time. 

In other words, personal vaults provide businesses with a centralized source for all business data, thus ensuring no work hold due to work location distance or unavailability of work materials.

Personal Vault is the ideal solution to protect your essential papers, whether at home or traveling abroad on business.

You can be confident that your files are safe from unauthorized access. It’s also an excellent location for businesses to keep critical client files for added security.

What Is a Personal Vault?

Simply put, Personal Vault is a secure folder that can only be accessed when the second round of identity verification has been completed successfully. 

It adds extra security to your most sensitive data and photos, such as your passport, driver’s license, or insurance information, while allowing you to view them virtually anywhere.

You cannot share the files in your Vault with anybody. Even if you share a file and then move it to the Personal Vault, sharing will be disabled for that file. This gives you peace of mind because you won’t share a sensitive file by accident while it’s stored here.

Similar to roles-based or user-based access, you can regulate who accesses what information within your firm with a personal vault. 

Only authorized persons with needs for whatever sensitive information you choose to keep in it may have access to the identity verification password; with that, you can rest easy knowing your company’s data is protected. 

OneDrive Personal Vault

OneDrive is a cloud-based storage platform made available by Microsoft to all users with a Microsoft account at no additional cost. Think of it as a hard drive that is hosted in the cloud and can be shared, with a few extra features thrown in.

OneDrive is already well-known for being a secure repository for your data because it provides multi-factor authentication for your account as well as the security of being hosted on Microsoft servers.

Consider Personal Vault the safe you keep in the back with all of your most essential documents, and OneDrive to be the security system you placed at your business to keep it secure. It is the best spot for sensitive personal documents such as copies of your passport or financial records.

In addition to verifying once when you first login in with your Microsoft account, you must do so again if you want to access the Vault. This assures that no one can view the documents without your permission, and the best part is that it is available from all of your devices and remotely.

OneDrive for Businesses

OneDrive for Business’s primary goal is business cloud storage. OneDrive is managed by Organizations and is intended to allow users to exchange and collaborate on documents with their coworkers. Site administrators completely control what each user can do in the library.

While OneDrive powers OneDrive, OneDrive for Business is powered by SharePoint, and each user has their personal storage space. If the company is using AD or Office 365 to build the SharePoint sites, users must enter their AD or Office 365 password to gain access.

Because it is SharePoint, administrators have a much more comprehensive range of options for regulating access permissions, and it can be implemented on-premise if necessary.

Other differences between OneDrive for Business and OneDrive for Personal customers include:

• Enhanced auditing and reporting.
• Significantly increased storage capacity.
• Improved interoperability with Office 365 for Business and other Microsoft cloud-based products.

OneDrive for Business is a private online cloud storage space made available by businesses to employees. It allows team members to easily access their work files across multiple devices while storing and protecting them. Additionally, it enables collaboration in real time on office documents and sharing of files as needed with coworkers.

Personal Vault Benefits for Your Business

Businesses expand in size, and so do their databases. To be successful in business, you must regularly manage multiple files, collaborate with colleagues, and manage digital assets.

Because your organization’s storage requirements grow yearly, you must use a centralized system to maintain the organization.

Consider the following scenario:

• You have five different versions of the same file for team documents.
• You saved your work on your laptop but forgot it at home.
• You can’t find the boss’s template files.

In this case, your office’s lack of a unified data storage strategy reduces productivity among business teams.

Working with files and collaborating with coworkers is made simple by the benefits of OneDrive for Business. You save time when you search through workstation hard drives, network storage locations, and your personal devices for urgently needed files.

In addition, your company can use a single cloud-based storage solution to streamline workflow and increase collaboration opportunities.

The following are the benefits of applying OneDrive for Business:

Data Storage

OneDrive for Business provides up to 1 terabyte (TB) of storage capacity per user, significantly more than most clients would ever use. It should be noted. However, that data synced from OneDrive is frequently kept on your local storage.

Naturally, you may have problems if you are syncing a large amount of data and your hard disk is limited. Fortunately, OneDrive provides you control over the data that syncs to your own OneDrive folder.

Administrators can immediately determine how much storage space their workforce uses by visiting the storage analytics page. Of course, this does not inform them of the amount of storage space available to the employee.

Sharing of Documents

Another significant advantage for business cooperation is OneDrive’s robust document-sharing features. 

You can share files with internal and external persons in your organization in several ways. Connection sharing creates a direct link to the document, allowing internal and external users to view it.

The document can be set up so that only people with access to your internal organization’s accounts can access it without logging in. You can use the expiration date option if you need to make an external link available to an external contributor but don’t want to keep it open eternally. 

You can also make your documents editable for the viewer or make them read-only, which prevents any adjustments.

You may access your additional sharing options via the right-click context menu on your files or folders. You may attach a remark with the invitation, specify which employees can access the document, and set edit or read-only privileges. 

You can also add external users’ email addresses to the document. This sharing option is useful when you need to share a document with several people within your business.

Remote Access

Because OneDrive for Business is a cloud-based service, you don’t need to check in from a specific computer or device to access your files.

Furthermore, unless your company’s IT personnel has configured OneDrive with this deployment option, you do not need to be at the office or signed into the network. 

When you aren’t restricted by a lack of remote access to work, you may make the most of your telecommuting days or business vacations.

Your drive allows you to save, access easily, and locate shared and personal work files across all your devices. Any offline adjustments you make are promptly uploaded the next time you connect.

Real-Time Collaboration

When everyone in your organization is working on the same document version, you may complete a project more quickly. OneDrive for Business integrates with Excel, Word, and other programs for simplified collaboration. 

The co-authoring function allows you to view changes to the document in real-time, as well as a color indicator that shows where your teammates made modifications.

You also break the loop of asking for revisions, updates, and other changes through email, which may be tedious when working with numerous versions of a project. By providing access to a single consolidated document, OneDrive increases the quality of your data. 

In addition, when your team disagrees on the modifications or someone deletes crucial information mistakenly, version control allows you to restore the file to an initial state.

Security

Your collaborative efforts may include sensitive data, which is often threatened by sharing mistakes, insufficient data management policies, and other concerns. OneDrive for Business features a variety of security controls to limit the risk associated with remote connections and workplace collaboration.

Disk- and file-level encryption protects data transfer. Network administrators regulate user access to files, so you can only access the data required for your task. You may also block access to files for devices that are not domain-joined or that transfer files outside the domain.

OneDrive for Business goes beyond primary online storage with its user-friendly interface and collaboration possibilities. 

You don’t need to go through circles or worry about protecting corporate assets to work on documents with the members of your team, send files to others within your firm, or remotely access critical files while traveling.

Identification of Sensitive Data

Businesses may check OneDrive for Business and SharePoint Online with specific authorization for sensitive content. The OneDrive for Business platform recognizes 51 distinct types of sensitive data, including Social Security numbers, credit card information, and passport numbers.

You can use OneDrive for Business to set up basic security controls and generate reports for documents that contain sensitive data. 

Furthermore, organizations have greater control over the devices that may access their data and the IP addresses and domains from which users can access OneDrive.

Software Integration

You can work better with OneDrive through its third party integration features. To improve productivity and the rate at which your team members collaborate, OneDrive personal vaults can be integrated with Project management tools.

Project management tools are specifically developed to aid an individual or team in successfully planning and managing their projects and responsibilities.

Through both systems integration, team members who sign into the project management tool can check tasks assigned to them and proceed to work files. 

For example, Wrike’s OneDrive integration allows users to create and save files outside of their Wrike Workspace while also sharing and collaborating on them.

Version History and Restore

OneDrive for Business has version controls, which facilitates team collaboration. Versioning allows administrators to examine or restore prior versions of a document or file and insight into who made what changes and when.

ODFB will preserve the past 25 versions of a document by default, although you can adjust this amount in the options. Administrators must enable document versioning in the control panel to utilize this capability.

Mobile-Optimized

Both Android and iOS mobile devices support the excellent user interface of the OneDrive for Business mobile application. Even offline, users can effortlessly share, transfer, delete, and read documents thanks to the mobile application.

Making online annotations to PDF documents, which includes sketching, highlighting, and commenting, is one intriguing feature of the ODFB mobile app.

Friendly User Interface

With OneDrive, you don’t have a complex or challenging user interface. Since it is similar to OneDrive’s edition, there isn’t much of a learning curve for those already familiar with it. 

Other than that, anybody acquainted with the Windows file manager will find the UI design’s controls simple. You can easily browse your owned and shared documents using your folder and file list.

Quickly Find Documents That Matters

The intelligence of the Microsoft Graph application programming interface makes it easier to find stuff in your OneDrive. 

By making file suggestions based on your connection to other people, how you acquired different files, and when you last visited them, this technology makes it easier to identify what’s essential.

Key OneDrive Vault Features for Organizations

Files On-Demand

Files On-Demand enables users to view and interact with OneDrive-stored files without downloading them to their device. The capability provides a consistent look and feels for both OneDrive and local files without taking up extra space on the local hard disk. 

A cloud symbol indicates the status of files that have not been downloaded. However, downloaded files are characterized by a green checkmark in the status column.

File Reporting and Auditing

OneDrive has sophisticated reporting and auditing features for its materials and those stored by other services, such as Microsoft SharePoint, that use OneDrive as a storage platform. You may also look at the downloads, renames, and views on specific files.

The Microsoft 365 admin center manages OneDrive reports. You may see historical statistics such as total file and active file counts, account activity, and storage use by users and organizations.

Encryption of Data

When moving data between your device and the data center, within the data center, and when the data is at rest, OneDrive applies powerful data encryption mechanisms. OneDrive protects your data at rest by encrypting files and disks using BitLocker Drive Encryption. 

Every file has its own encryption key, and anything more significant than 64 KB is split into smaller parts, each with its own encryption key kept in a key store.

A building map for the whole file is retained in a separate, secure content database after randomly distributing each file chunk among Microsoft Azure Storage containers. 

Attackers would require all the file chunks, keys, and maps to access the file, which is an impossible task.

Files Restore

Users may recover files anytime in the last 30 days using the OneDrive Files Restore function. To choose the appropriate recovery time, OneDrive displays a histogram of file activity so that users may pick which recovery time best matches their requirements. 

Users may then select the file history record to which they wish to restore, and the system will undo any modifications made after that point.

Recycle Bin

OneDrive features a recycle bin identical to the one on the Windows desktop. Removed files are relocated to the recycle bin and held there for a certain period before being permanently deleted. 

Unless otherwise set, deleted work or school accounts files are destroyed after 93 days.

Known Folder Move

With Known Folder Move, Windows users may automatically choose to have their desktop, Documents, or Pictures folders synchronized to OneDrive.

You may add this functionality either during or after the initial configuration of OneDrive. Users who want to add familiar folders to their list of synced folders have a straightforward migration option made possible by this feature.

In Conclusion

Because of the growing dependence on electronic data storage, consumers and companies are equally concerned about the danger of hackers. Even though electronic data is very convenient, exposing sensitive information to those who seek to exploit it is an inevitable compromise.

Thankfully, data firms are always coming up with new security improvements to keep one step ahead of possible hackers. This also applies to Microsoft, which has just begun distributing its brand-new OneDrive Personal Vault. 

While preserving easy access to other, less critical information, Personal Vault attempts to increase the security of sensitive data.

Personal Vault works by establishing a supplementary access mechanism inside your current OneDrive account. This implies that you can still connect to your primary file network, but you will need another access mode to access your personal Vault. This is known as Multi-Factor Authentication, providing an additional layer of protection beyond a password.

While OneDrive needs a password and maybe a text code to log in, Personal Vault requires another access point. The extra access point might be a fingerprint, facial recognition, a PIN, or another SMS code. 

The added protection also makes it safer to share your OneDrive with people who require it. They have access to the primary file system, but you are the only one with access to the personal Vault.