Text messages have to be turned over for those pesky subpoena’s. Can’t be leaving evidence laying around.
The issue is the opposite, because people use non official communication channels it’s hard for regulators to get the information they need, and it can be taken as the bank hiding things, which leads to fines. It’s in the article:
This could result in the breach of regulatory rules on recording all business communications, leaving little room for oversight by authorities to take action in case of compliance concerns.
"Banks use a wide range of approved channels to communicate in compliance with regulatory obligations,” a spokesperson for the bank told Bloomberg. “HSBC, like many other banks, reviews and adjusts functionality on its corporate devices as needed.”
They could claim it’s for easier reporting by dropping WhatsApp, getting rid of texts is blatantly about preventing paper trails.
How to tell me you haven’t read the opening paragraph of the article.
Spoilers: WhatsApp is already banned
Which is exactly what the comment you’re replying to is saying. Dropping WhatsApp improves reporting, dropping texts alongside it is just suspicious.
The irony.
Are you not able to open the article and read it?
I did, you did not read what I wrote.
What about chat in games? IRC? Conversation had by making comments on Lenny posts? Jerry, we can’t go with the suggestion Ann just made because we’ll look really stupid.
Delay this until Q1 2024
That’s one way to stop the scourge of SMS based 2FA.
App based 2FA is even worse. Sure it’s more secure but the likelihood of losing account access is much higher.
And don’t talk about saving recovery codes. Security has to be practical and easy.The UX of manual 2FA is a probleem. Copying numbers with a time limit is just a crappy experience.
Account recovery is a hard problem, but thankfully it’s usually not an all or nothing deal, and it has been getting a lot better. I know Apple has a complex recovery flow that terminates at an actual human.
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This is in the same vein as the secret service text message debacle after the Jan6th stuff.
I think you’ll see this more and more as companies and government agencies try to reconcile regulations, cyber security controls, and business needs. Obviously there is a need for employees to communicate. There are laws surrounding record retention. And there are laws and needs for security controls to lock down phones, wipe data, etc.
Those three things don’t always align with each other and if your employees pick a different channel to communicate they you can’t control, then that’s a huge problem from a regulation and even a security perspective.
That said, locking down work phones is only going to push people to their personal devices and that creates way more issues overall.
If only I’d thought of that for my company phone! Then I wouldn’t be receiving all these spam and phishing messages!
This is the best summary I could come up with:
Personal devices won’t be impacted by the policy, and a select few employees who have regulated roles in the firm will still be able to send and receive messages, the outlet reported.
This could result in the breach of regulatory rules on recording all business communications, leaving little room for oversight by authorities to take action in case of compliance concerns.
Sixteen Wall Street giants including UBS and Barclays were collectively fined $1.8 billion by the SEC last September for employees’ use of personal devices and unauthorized apps for communication regarding business transactions.
As the use of private messaging platforms has proliferated in the business world, regulatory scrutiny over their use has intensified in recent times and spread beyond Wall Street.
Private equity firms including Carlyle Group and Blackstone are also being investigated for discussing business matters on apps like WhatsApp and Signal.
Reports suggest that a number of banks globally have suspended the use of encrypted apps like WhatsApp for work purposes following probes into its violation of regulatory rules.
The original article contains 457 words, the summary contains 171 words. Saved 63%. I’m a bot and I’m open source!
