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|Information Archiving in the Financial Services Sector Critically Important, According to Osterman Research Report Sponsored by ArcMail
|Posted: Tue Dec 20, 2011 12:59:26 PM
Shreveport, La. – Dec. 20, 2011 – Building on the success of its archiving solutions in the financial services sector, ArcMail Technology, Inc. today announced a new research report called “The Critical Importance of Archiving in the Financial Services Industry.”
Researched and written by industry expert Michael Osterman, president and CEO of Osterman Research, the report is being offered at no cost to those who register online to receive archiving whitepapers from ArcMail. It is filled with valuable takeaways for financial services firms as well as organizations in other markets, and provides three key steps that businesses can take to address compliance and retention obligations:
Fines Exacted on Companies Failing to Retain Emails
The report comes on the heels of news earlier this month that a unit of Citigroup agreed to a $750,000 civil fine for not retaining millions of emails as required by securities industry rules, according to a settlement with the Financial Industry Regulatory Authority (FINRA).
“Financial services firms that do not comply with the various federal and state requirements for content preservation can face serious consequences,” says Osterman. “And while most fines have focused on larger institutions, there are growing indications that smaller banks, credit unions, broker-dealers and others are just as vulnerable to fines and other sanctions for inadequate recordkeeping.”
The research concludes that archiving and retention for financial services organizations is of critical importance. Financial services firms must be vigilant to maintain adequate corporate governance practices and technologies in the context of records retention, adds Osterman.
ArcMail’s Universal Archiving Strategy Supports Financial Service Industry Requirements, Demonstrates Industry Leadership
The question facing financial services firms today is no longer whether to retain data, but how much to retain and how to go about getting the job done right, says Rory Welch, CEO of ArcMail.
“Given the likelihood that retention obligations will become more stringent in the future, ArcMail is building upon its market leadership with universal archiving solutions that securely and cost-effectively address a full spectrum of compliance and data retention requirements,” says Welch. “At the same time, our solutions take into account the many new communication and messaging technologies that have emerged – from social media conversations to instant messaging and more – to ensure that a comprehensive range of data types are supported for our customers.”
ArcMail has launched a string of innovative products this year including an archiving appliance for Salesforce.com™ Chatter™, the real-time enterprise collaboration platform; ArcMail Guardian, an email archiving solution for Google Apps™ email; and ArcMail for Instant Messaging, a new IM archiving appliance that works with all the most popular IM platforms including Yahoo!®, AOL Instant Messenger® (AIM) and MSN®.
Last month, the company introduced the ArcMail Defender Cloud Storage Gateway, a new breed of gateway technology that enables businesses to designate the files they want securely available at their fingertips at breakneck speeds, while also taking advantage of the datacenter cost savings that cloud storage allows.