Social Media Compliance & Security for Financial Services
Within the next three years it is predicted that 33% of all new customers in the Financial Services industry will come via social media. Governing bodies are taking notice so it is extremely important that all financial services companies have a social media compliance and security solution in place to protect their company from regulatory fines, sanctions, and security threats.
Key Risk Areas:
- Static Content
- Dynamic Content
- Customer Complaints
- Personal Information
- Security Concerns
Three Keys to Compliance as defined by FINRA:
1. Record Keeping: Ensure that you have an appropriate and accessible archive of social content (typically 7 years). Social SafeGuard provides complete archiving of all monitored content as well as a robust eDiscovery platform. Our solution can be tailored to support the retention requirements of various regulatory bodies.
2. Suitability: Ensure that content posted on social media is suitable for its visible audience. Social SafeGuard’s platform provides all the necessary capabilities to automatically monitor, identify, and notify you of any potential suitability risks via its patented policy engine. And through Social SafeGuard’s quarantine feature, financial services companies can ensure all social media posts that have violated a policy will be immediately removed from the network for further review.
3. Supervision: Ensure that content oversight and approval measures are in place. Social SafeGuard adapts to the static and dynamic regulations put in place by FINRA, including pre-approval of static content as well as a complete audit trail of identified risks and the actions taken to remediate.
Security Concerns in Financial Services
In 2014, one in ten social media users said they’ve been a victim of a cyberattack and over 70% of organizations report having been compromised by a successful cyberattack. On top of that, the average cost of a corporate data breach is $3.5 million. It is clear that security is becoming increasingly important which is why security is now an essential part of any company’s social media strategy.
Social SafeGuard protects all of a company’s social media assets from malware, spam, and other malicious threats. In addition, Social SafeGuard is able to identify all rouge accounts for a company, brand, or product as well as executive impersonation accounts. Once the accounts have been identified, Social SafeGuard is able to take action on those accounts to have them removed from the social network.
Key Areas that Social SafeGuard protects:
- External Social Presence: Social SafeGuard protects corporate-level social media properties as well as individual business accounts of financial professionals such as financial advisors, agents, and loan officers.
- Internal Collaboration: Social SafeGuard protects internal collaboration tools such as Salesforce Chatter, Yammer, and IBM Connections from security and compliance risks to empower Financial Services companies to use these platforms to share information between employees and identify prospective customers.
Social SafeGuard protects Financial Services companies against key security and compliance risk areas by implementing pre-defined and customized policies that will monitor, remediate, and archive all social media communications. The ability to identify and immediately remediate these risks allows your company to protect the brand reputation, customer information and data, and prevent regulatory fines and sanctions. Request a demo today!