451 Research Study: Banks face large fines as SEC reins in the use of messaging apps

451 Research latest report looks at how the recent fines imposed by U.S. Securities and Exchange Commission (SEC) against major Wall Street banks should prompt organizations across all sectors to shift from consumer-grade messaging applications to secure communication and collaboration tools without compromising data, privacy and regulatory compliance requirements.

This report identifies NetSfere as one of the leading secure and compliant messaging and collaboration platform in a distributed work environment.

Few key findings from the report include:

• The use of consumer messaging apps for work purposes goes beyond the banking and financial sectors, with major monetary and security risks for organizations across all industry verticals.
• The shift to hybrid work and growing use of digital and mobile communications significantly raises the risk for organizations dealing with highly sensitive information.
• The majority of workers use their personal smartphone for both personal and business purposes.
• Due to flexible work arrangements, security and compliance have emerged as critical factors for business communications and collaboration.