With the proliferation of messaging solutions, more and more people rely on online and mobile platforms to communicate with others. Even employees working in the regulated sector use these channels to reach their customers or message their colleagues.
Many clients also prefer using platforms that provide efficiency and convenience, and if companies fail to meet their demand, customers will take their business elsewhere.
However, many of these communications solutions are inherently non-compliant with data security regulations. The public sector and the financial industry, among other regulated enterprises, are mandated to archive various forms of messages, including phone calls, SMS, MMS, and even chats.
Regulated companies must monitor text messages to ensure that their constituents are not leaking sensitive information to unauthorized individuals and that no illegal transactions are taking place in the establishment. Retaining these communications is vital not only for compliance but also for eDiscovery response requirements to reduce risk among different sectors.
Financial firms and other members of the regulated industry must ensure security, compliance, and customer satisfaction with their operations.
Since most messaging platforms do not allow archiving, companies often rely on third-party service providers to effectively and securely store communication data. Firms in the regulated sector must leverage technology that is capable of effective text message monitoring and communications archiving for due diligence.