WhatsApp and WeChat are the most popular group calling, file sharing and messaging services used by more than one-fourth of the world population, some 4 billion users and are now
Security risks are only part of the problem. With bad actors targeting WhatsApp and WeChat, companies and organizations face a plethora of threats when laws and regulations are violated. A few examples:
Compliance risk accrues when an organization has violated a law or regulation. A variety of rules, HIPAA perhaps being one of the most visible, can bring fines and other sanctions if Personal Health Information is improperly transmitted or disclosed.
Intellectual property leaks can damage a company and its competitive position in a market.
FINRA Regulatory Notices such as Notice 17-18 provides a set of mandates around communication and maintaining records of such communications.
MiFID II, Article 16 requires that firms take all reasonable steps to avoid communications over channels that cannot be secured.
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