American and European banks have to pay fines in the three-digit millions because their employees used insecure chat systems such as Whatsapp or iMessage and thus violated compliance rules. More than one billion US-Dollars are outstanding in total. All the big names in the banking sector are affected, including industry giants such as JPMorgan, Bank of America, Credit Suisse and Deutsche Bank. Some penalties have already been issued, others are to follow.
Strict compliance rules apply to banks and especially to investment banks within the United States. Since the corporations did not prevent employees from communicating about company matters via chats on private cell phones, the U.S. authorities assume that the misconduct was deliberately tolerated. Ultimately it may even have been ordered in individual cases, with the aim of concealing communication data or keeping it out of legal proceedings. In these cases, the SEC and CFTC took notice and imposed severe penalties totaling $2 billion over the past two years.
The better alternative: grommunio Chat
Real-time collaboration in enterprises is here to stay, but security-conscious teams use grommunio Chat, which is certified secure, privacy-compliant and enables efficient, day-to-day collaboration. It is included in all the standard delivery package. With individual and group messaging, file sharing and search, it comes in native apps for iOS, Android, Windows, Mac and Linux. An unlimited search history, support for emojis, GIFs, and Markdown makes it attractive to your employees. This way, the desire for an alternative doesn’t even arise. At the same time, it dazzles with enterprise-grade availability and scalability, and handles ID-only mobile push notifications and multi-factor authentication.
Switch to grommunio and empower your teams with powerful features like email, contacts, calendar, tasks, chat, video conferencing, files and office – without additional plugins.