NetSfere, a global provider of next-generation secure and compliant messaging and mobility solutions, has been mentioned in a report by 451 Research, part of S&P Global Market Intelligence that talks about the security and compliance issues that major Wall Street banks are facing by using consumer-grade apps in the workplace.
The report states that the SEC imposed fines totaling $1.1 billion on 16 firms. The Commodity Futures Trading Commission imposed an additional $710 million in fines on 11 financial firms for violating recordkeeping provisions of the federal securities laws. Major banks charged include Barclays, Bank of America, Citigroup Global Markets, Deutsche Bank Securities, Goldman Sachs, JPMorgan Chase and Morgan Stanley.
The findings from the study show that 68% of workers use their personal smartphones for business-related calls, emails and messages. The banking sector is one of the biggest targets for hackers as these institutions hold valuable personal data. The SEC fines are just one way the government is pushing to eliminate consumer-grade messaging apps in the workplace.
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“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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