Written by Steve Garrood
Due to the increase of technology and innovation it has become even more paramount for companies to comply with legislations for data management and security. It's not news that most of our business communications are conducted by email. Whether we're emailing internally or externally, email is still at the hub of our communications with billions being sent on a daily basis.
For international organisations, online communication is often preferred to voice or traditional mail. It is also now a standard regulatory requirement to capture, index and archive email communications, for many industries including finance, law and pharmaceuticals. Such requirements create a number of issues for organisations, not least of which is the volume of storage required to securely archive the volume of emails exchanged on a daily basis.
This article provides an overview into the current laws and legislations in the UK, which have to be legally compliant. Please keep in mind that this is an informative article and is not to be used as legal advice. Compliance is a hot topic in the financial industry especially with the latest revision of MiFID II but this article will focus on email archiving.
Only in the past decade has it been a legal requirement for some organisations to archive and have the ability to retrieve unaltered emails. The laws surrounding email archiving have been strengthened to accommodate new business practices. Ultimately, what needs to be recorded will depend on the jurisdiction and type of organisation.
In the UK, under FCA regulations, financial organisations are required to capture all communications, which relate to receiving client orders and agreeing/arranging transactions. Also required to record communications are insurance companies, and those who are linked to insurance companies, such as travel companies who provide insurance. Companies are now required to:
An organisation's inability to meet an information request as part of an investigation within the necessary time is likely to lead to significant fines, and possibly more severe punishments. It is therefore essential for an organisation to be able to capture, index, archive and restore all relevant communications with minimal effort to avoid incurring significant costs and lost time.
All organisations need to archive their data regardless of what sector: public, private, health sector and financial. However, certain governance laws only apply to public bodies and governing institutions.
Technology is accelerating beyond measure and we can now conduct business activities through our mobile phones. It is therefore important that all forms of electronic communications, when compliantly signed off by a company are captured, including:
All organisations are affected by current data retention laws or are in the process of complying with upcoming legislations. Many factors need to be considered before implementing software solutions that comply with the legislations. Legal advice from a compliance officer should be considered before implementing an archiving solution.
By implementing the right archive solution it gives the company peace of mind having knowing that their business is compliant and should any litigation issues arise the archiving solution is fully compliant in bringing up stored data.
If you would like to learn more about the subject contact Insightful Technology and request a demo with one of our team members, our solutions offer a solution, for the smallest company to the largest enterprise…