A report by 451 Research, a division of S&P Global Market Intelligence, discusses the security and compliance issues that major Wall Street banks are encountering as a result of using consumer-grade apps at work. NetSfere, a global provider of next-generation secure and compliant messaging and mobility solutions, is mentioned in the report. According to the report1, the SEC fined 16 companies a total of $1.1 billion. 11 financial institutions were hit with new fines totaling $710 million by the Commodities Futures Trading Commission for breaking federal securities laws’ recordkeeping requirements. Barclays, Bank of America, Citigroup Global Markets, Deutsche Bank Securities, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are some of the major banks that have been accused. According to the study2’s findings, 68% of employees use their personal smartphones for calls, emails, and texts relevant to their place of employment. Since banks retain important personal data, they are one of the most popular targets for hackers. The government is attempting to ban consumer-grade chat apps in the workplace through a variety of means, including the SEC penalty.
“The shift to remote and hybrid work over the last two years has caused many organizations to let their security standards decline. The comfort of using consumer messaging apps, like WhatsApp and iMessage, in the workplace is not worth the cost of a data breach,” said NetSfere CEO and President Anurag Lal. “Banking institutions can ensure complete security and compliance by enlisting fully encrypted, zero-trust security policies and practices within their staff. Proactively investing in a solution is much more affordable than the potential million-dollar fallout should a ransomware attack or data breach occur. We’re glad to be a viable solution that relieves organizations of any vulnerabilities within minutes of activation.” “Employees often turn to consumer apps for ease of use, but don’t fully understand the risks they are taking when sharing valuable company IP and a client’s personal data through these channels,” said Raúl Castanon-Martinez, Senior Analyst – Workforce Collaboration, 451 Research, part of S&P Global Market Intelligence. “When secure and compliant messaging is easy to use, employees will be less likely to rely on consumer applications for work-related communications.”
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