Non-redacted data can be a ticking time bomb. When a document with personally identifiable information (PII) ends up in the wrong hands, the consequences are often dire. Companies may inadvertently put their customers at risk and as a result, face severe penalties for violating data privacy regulations.
This is why security is a major consideration for ECM and DMS software solution providers. In 2023, personally identifiable information (PII) was the costliest type of data stolen. More than half of all data breaches involved customer PII.
With AI, document redaction doesn’t have to be a manual task. We’ve created AI-powered PII detection and redaction capabilities for ECM solutions that you can easily embed into your application.
What Makes AI-Powered PII Redaction a Better Option Than Manual Document Redaction?
Manually scanning documents to identify PII for redaction is a major headache. Not only is it inefficient, but it’s also easy to make mistakes or miss a line that should have been redacted.
Below we’ve included some of the biggest reasons AI-powered PII redaction is a better option for organizations that handle sensitive information.
Accuracy and consistency
AI models can identify and redact PII more accurately and consistently than manual methods. This is because AI learning models learn from vast datasets that help them recognize patterns and contextual clues humans might miss. Companies face fewer risks in disclosing sensitive information.
Scalability
Most companies swim in a sea of data. Manual redaction is no longer feasible. AI-powered solutions can quickly review large volumes of documents and unstructured data and help organizations keep up with the changing demands of data privacy regulations.
Time and cost savings
In a Forbes Advisor survey, 64% of business owners said AI will increase productivity. When it comes to PII redaction, they’re right. AI can significantly reduce the time and resources it takes to identify PII and redact it.
Handling unstructured data
With unstructured data like emails, text documents, and instant messages, sometimes companies need to do more than redact PDF documents. AI excels at processing this unstructured data.
Adapting to evolving regulations
The regulatory landscape changes constantly, and companies must always be on their toes to maintain compliance. You can update an AI model to follow new requirements and PII categories much faster than you can train a human.
Minimizing human error
Manual redaction is prone to human error, which can have significant consequences for data privacy and compliance. AI-powered redaction relies on consistent rules that minimize risks and reduce the need for human intervention.
Enhanced PII detection
Not all forms of PII are easy to identify. Though traditional methods of PII redaction may fail to detect subtle or complex forms of PII, AI models can catch those nuances to protect companies from revealing sensitive data.
Common Use Cases for PII Redaction Using AI
AI-powered PII identification and redaction is a powerful capability for industries that process large amounts of personal data.
Legal
Protecting PII in the legal sector is a major concern. As parties share data and documents, more opportunities arise for that data to be tampered with or compromised. AI-powered PII detection and redaction allows parties to share documents freely while minimizing risks and maintaining integrity.
Finance
From contact information to social security numbers, financial institutions handle large amounts of sensitive customer data. Automatically identifying and redacting this information with AI helps protect customer privacy, prevent identity theft, and ensure regulatory compliance.
Insurance
The insurance industry deals with a considerable amount of PII. Sensitive data like government-issued ID numbers, financial information, and employment information are essential for underwriting policies, processing claims, and providing customer service. Storing this data presents significant risks, and AI-powered PII redaction gives insurance companies the ability to identify and redact PII across accounts.
Streamline Your Clients’ Redaction Workflow with AI-Powered PII Redaction Using PrizmDoc
As an ISV, you likely encounter organizations that still manually scan documents to identify PII for redaction. PrizmDoc’s PII detection and redaction feature makes the process significantly easier.
AI integration gives users the ability to detect and highlight personally identifiable information and then review the results in context, redacting information with the click of a button. It allows for faster-decision making and helps reduce bottlenecks and delays in the PII identification process.
Unlike web-based AI redaction tools, Accusoft has built-in AI-powered detection and redaction capabilities you can add directly to your application to help clients create more efficiency in their document management workflows. Additionally, with IBM watsonx.ai technology, you can simplify manual document processing tasks using auto summarization, document Q&A, and intelligent tagging and classification.
We’ve incorporated these cutting-edge AI features to help reduce your development costs and give you a competitive edge with your ECM solution.
Want to learn more about PrizmDoc’s AI-powered PII detection and redaction functionalities? Reach out today!
The post Why AI is a Must-Have Feature for PII Redaction appeared first on Accusoft.