For a long time, banks and financial institutions have been naive about their communication practices in the workplace. These less-than-optimal choices have not gone unnoticed by government factions, and some industry leaders are now facing multi-billion-dollar fines from the U.S. Securities and Exchange Commission (SEC). In September, the SEC issued $1.8 billion in fines to some of Wall Street’s biggest banks for their “widespread and longstanding failures to maintain and preserve work-related electronic communications,” according to a 451 Research report.
Banks such as Barclay’s, Bank of America, Citigroup Global Markets, Goldman Sachs, JP Morgan Chase and more have been the victims of data breaches and cyberattacks related to their poor communication standards, resulting in thousands of private and personal client and company records being shared. This is just one incident of an issue plaguing nearly every industry, which is why I believe enterprises will continue to be exposed to significant cybersecurity risks and regulatory crackdowns unless organizations recognize the importance of secure mobile communication platforms. They help enable a digital organization without compromising data, privacy and compliance to all regulatory requirements.
Mobile communication platforms have fallen short in protecting systems from changing sophistications in cyberattacks, and many are not compliant with new regulatory requirements. For example, WhatsApp is a consumer-grade app meant for messaging between friends and family, not work-related conversations; however, it is commonly used as such. Enterprises also frequently use Microsoft Teams and Slack platforms. Apps like these are not always compliant, end-to-end encrypted or designed to prioritize security first for enterprises. This is especially important to know when companies so often collaborate with external partners and share files or sensitive information through these means.
Confidential information stored or shared on enterprise networks should come with the utmost security measures. Secure IT infrastructure, adaptive protocols and safeguards with the highest level of protection are needed to thwart attacks and protect sensitive data. If not, companies run the risk of ending up like the banks and OakBend Medical Center, which is currently facing a lawsuit after a ransomware attack resulted in the exposure of personal healthcare information (PHI) of more than one million people. In the past 12 months, there were an estimated 714 successful healthcare data breaches. Healthcare, banking and legal institutes are some of the most at-risk industries, although these attacks can happen to anyone.
Fines don’t just come to enterprises from the SEC, either. As stated before, common workplace communication practices on these platforms do not meet compliance standards. A HIPAA violation in 2023 can cost more than $50,000, and GDPR fines can be up to 4% of a company’s annual revenue. In fact, Google, British Airways, Marriott and H&M have all been fined heavily for GDPR violations relating to personal data. This is why it is typically much cheaper to deploy a secure, compliant messaging platform than to risk having to pay these fines.
Tips For Selecting The Right Messaging Platform
Seeking a partner for secure digital communication is like shopping for insurance or hiring a babysitter: You want to make sure you’ve found the right person to protect your most valuable assets. With that in mind, here are several tips to consider while searching for the right secure messaging platform partner for your organization.
• Security Over Convenience
Enlisting a secure and compliant messaging platform for an enterprise begins with finding one that is secure first, convenient second. An ideal digital communication ecosystem for an organization will be fully encrypted, have zero-trust policies and be in the control of the CIOs or IT staff members. It should also have a clear map of access levels and of who within the organization belongs to which level of clearance. To ensure an organization remains fine- and data breach-free, I highly recommend frequent network updates and education to the entire organization about cybersecurity risks and compliancy standards they face.
• Top-Notch Protection
Secure digital communication partners come in all shapes and sizes to meet the needs and demands of every different industry. When looking for a partner, first look for one that can ensure top-notch security and protection specific to the industry you are a part of.
• Communication Methods
Next, consider your communication mediums. Does your enterprise need a combination of voice, video or text communications, or all three? Look for the service provider that best accommodates those needs.
• Ease Of Collaboration
Ask yourself if your team collaborates externally with outside players. Will those players need access to shared documents and files? If your company is in an industry that has compliancy clauses that will need to be kept up to date, or if your company is responsible for the management and gatekeeping of personal information, ask the potential secure communication partner how they will best protect you from any of these risks. The right partner for you will be able to answer these questions and develop a plan that is a perfect fit for your enterprise’s needs.
Every organization, enterprise and industry faces threats from hackers, cyberattacks or data breaches. The keys to defending against them are knowledge and proactive safeguarding.