An audit log (also sometimes called an audit trail) is a chronological record of security-relevant data that documents the sequence of activities affecting an operation, procedure, event, file or document.
In the case of a secure data management system like SecureDocs, audit logs are used to track the date, time and activity of each user, including the pages that have been viewed.
Knowing who accessed various files, or downloaded information can be valuable when raising funds, sharing financial information with auditors, storing legal or confidential employee information, protecting corporate intellectual property, or conducting other professional activities in a highly secure and organized manner.
The benefits of having a detailed audit log include:
Having detailed audit logs can protect a business from liability during legal battles. They also help companies monitor data for any potential security breaches or internal misuses of information. They are also a great way to ensure that proper document protocols are followed consistently, and to prevent (and track down) fraud.
Audit logs can play an important part in a business’ overall risk management strategy, demonstrating to customers, business partners and regulators that an organization has made a thorough effort to protect against and prevent potential problems before they occur.
Organizations must comply with tax regulations and federal laws such as the Sarbanes-Oxley act and the Gramm-Leach-Bliley Act, in addition to industry-specific regulations. Audit logs can be used as proof of regulatory compliance during an audit and can help a company fulfill its record-keeping requirements for compliance purposes.
Because an audit log tracks how long and how frequently individual users access a document, it can be used to gain insight into which investors or potential partners are most interested in a business, enabling the company to be more strategic with its negotiations.
Tracking all user activities with an audit log can offer both startups and established companies the insight and oversight abilities they need to increase efficiency and security in a reliable, provable way.