Regulated organizations continue to ramp up the use of collaboration tools, but compliance, security and supervision concerns are leading those in highly regulated industries like finance to switch off certain features or opt out of entire platforms.
A survey of 100 financial services executives conducted by Theta Lake, the Modern Communications Survey Report: The Security And Compliance Risks Of Collaboration Tool Usage In Financial Services found that, while the vast majority (91%) are using between two and six collaboration tools, nearly two-thirds were concerned about the ability to share data and communicate.
That directly correlated to 83% of respondents broadly disabling features such as whiteboarding, screen sharing and meeting chat instead of implementing measures to meet compliance requirements.
Among the top security concerns is the circumvention of email and sharing of confidential information through screen shares or webcams, the survey found.
Collaboration Challenges
The top three collaboration features considered to be threats or challenges to privacy and security include files uploaded or transferred in chats, links shared in chats or onscreen and screen shares.
Hank Schless, senior manager of security solutions at Lookout, pointed out that the financial services industry is one of the most closely regulated industries in the world.
Because of the amount of highly sensitive data organizations within that industry possess, he said it’s “absolutely necessary” to ensure they align with global compliance and data protection standards like GLBA, SOX, GDPR, CCPA, NYDFS and PCI DSS.
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