Beware Instant Messaging: E-discovery Leaves Nowhere to Hide
Financial Times, May 19, 2008
As a highly regulated and sensitive industry, financial institutions have a unique set of challenges and we’ve had the chance to work with several of them to determine the best way to archive and protect electronic information. According to this post, many banks are now tapping into the idea of “spy software” that monitors instant message conversations and powerful computers that can read other people’s emails and eavesdrop on telephone conversations.
“The software that enables the recording and monitoring of employee activity can help companies collect huge amounts of internal information – which they may increasingly need in the face of lawsuits spawned by the subprime crisis, or to meet rising regulatory demands,” the report adds.
Financial institutions are still left asking questions about when to begin retaining information and at what point in time, if any, can the backup tapes be recycled? These questions, along with countless others, are causing industries to invent new ways of monitoring employees and their actions. We here at Surety think this is a good consequence, forcing us to keep up with the changing trends as communication evolves everyday. If you’re interested in more information on IM preservation and authentication, be sure to check out this Metropolitan Corporate Counsel article from Vedder Price partner Tim Carroll.