LeapXpertInstant messaging is a common form of communication in the business world. However, when it comes to instant message archiving compliance, many organizations struggle with how to archive and retain IM messages. Let’s take a closer look at the top challenges businesses face, unique challenges facing banks, and the main platforms to consider.
The Top 5 Challenges of Instant Messaging Archiving Compliance
There are several challenges that businesses face regarding instant messaging compliance. The best time to plan for these challenges is before they become a problem. Consider the following examples.
1. Data Privacy Laws
California and the GDPR passed data protection laws that determine when and how companies can store consumer data. These regulations also apply to instant messages and can affect the employee-employer relationship.
2. Data Retention Policies
Businesses must have a data retention policy in place to comply with data retention regulations. This policy should outline how long organizations must retain messages and how to archive them.
3. Compliance with Industry Regulations
Certain industries have their own specific regulations that apply to instant messaging. For example, the financial sector is subject to FINRA regulations, which requires firms to retain records of electronic communications.
4. Device Management
Another challenge businesses face stems from managing devices. Bring your own device policies and the resulting use of multiple operating systems can further complicate archive text messages’ compliance efforts.
5. Cybersecurity
An organization is not automatically non-compliant after a breach, but it often triggers an investigation. The wider the spread of affected numbers, the more likely this becomes. High casualties could lead to scrutiny regarding data storage and protection and resulting fines.
3 Unique Challenges of Bank Compliance Communication
Banks must retain all communication with their customers, including IM messages. However, many banks do not have IM archiving solutions in place. As a result, they must either find a third-party solution or forgo using IM altogether. Here are some of the unique challenges financial institutions must consider.
1. Data Storage
Banks face higher pressures to store consumer data. However, not having archiving solutions in place can create issues with not just storage and data protection but accessing the information at a later date.
2. Communication Channels
Banks communicate with their customers through multiple channels, including IM. Thieves are especially attracted to these banking treasure troves because they include personal and financial information. Consequently, financial institutions face even more threats combined with more tremendous pressure to protect consumer information.
3. Integration
Because of higher threat levels, banks must take additional measures to prevent fraud and protect their customers’ data. This heightened need can necessitate expensive infrastructure that instant messaging must integrate with, without becoming a potential threat. Finding the right IM systems that match the level of security in the rest of the infrastructure is sometimes tricky.
3 Top Platforms Affected By Instant Messaging Compliance
In order to comply with data retention regulations, businesses must take care to archive and retain all instant messages. This can be a challenge, as many popular IM platforms are not designed for compliance. It can also pose unique challenges for financial institutions.
1. WhatsApp Compliance
WhatsApp is a popular IM platform that does not offer any compliance features. This means that businesses using WhatsApp must find a third-party solution to archive and retain their WhatsApp messages.
2. WeChat Compliance
WeChat is another popular IM platform that presents compliance challenges. WeChat is a Chinese app, and as such, it is subject to Chinese data retention laws. Consequently, businesses using WeChat must comply with both Chinese data retention laws and the laws of their own countries.
3. Text Message Compliance
Text messaging is a popular form of communication, but it is not always compliant with data retention regulations. The heightened risk comes from devices storing text messages locally instead of forwarding them to a central location. This storage limitation makes it difficult for businesses to address text message archiving compliance concerns.
Message Archiving As a Compliance Solution
The challenges of compliance surrounding instant messaging and text messages can seem overwhelming. However, one easy solution involves working with an experienced and trusted third-party service that takes care of the hard work. Then, you can leverage these benefits for overall compliance:
- Archived messages can provide evidence for an investigation.
- Archived messages can track employee behavior.
- Archived messages can monitor customer communication.
- Archived messages can create a record of business transactions.
- Archiving messages discourages fraudulent, dishonest, and unethical behavior.
The Bottom Line
Businesses must take compliance seriously to avoid penalties and fines. Text message archiving compliance is no different. By understanding the challenges and planning carefully, you can ensure that your business remains compliant and fine-free.
One way to simplify this process is to rely on a trusted third-party provider. At LeapXpert, we have the privilege of serving some of the biggest names in their industries, while being deployed in 45 countries serving tens of thousands of enterprise users. Are you ready to leverage our technology for your business? Contact us to get started today.
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