Theta Lake Report Highlights Compliance Friction, Challenges in Adoption of Chat Platforms
Rapid adoption of collaboration tools during pandemic helped ensure employees and customers in financial services industry were connected, but research reveals that quick uptake of these platforms elevates compliance risk in regulated industries like finance.
More than eight in 10 financial services executives say their companies are turning off key productivity and usability features of collaboration platforms like Zoom, Microsoft Teams and Webex because their organizations lack the technical ability to adhere to relevant regulatory compliance and security requirements, according to a newly released survey by security software provider Theta Lake.
Theta Lake’s report, Modern Communications Survey Report: The Security and Compliance Risks of Collaboration Tool Usage in Financial Services, showed that the exponential adoption of collaboration tools since early 2020, coupled with a reliance on legacy archiving and supervision technology built for email, has challenged financial services firms. While 91 percent of financial services professionals reported using two to six collaboration tools, nearly two-thirds (63 percent) were concerned about the ability to share data and communicate in ways that circumvented email-based monitoring and archiving. That directly correlated to 83 percent of respondents broadly disabling features such as whiteboarding, screensharing and meeting chat.