In recent years, business communication has become highly fragmented. Where once there was only email and phone, now there are dozens of apps and channels, with new ones emerging in prominence in different markets. This proliferation creates a headache for compliance teams. Moreover, the volume and speed of data generation also increase.
Companies need ways to scale compliance operations to keep pace with the modern business communication environment. Key to addressing this need is modern digital compliance; a hot field that sees the data governance market projected to grow to $7.42B by 2026.
How can enterprises better protect themselves from regulatory risks? They must deploy compliance solutions that effectively provide visibility across omnichannel communications to identify compliance issues and language-based risks with the help of modern innovations like Natural Language Understanding (NLU). Moreover, such a solution must be efficient, cost-effective, and scalable, among others.
Finally, an effective digital compliance solution must cover everything in an enterprise’s communications stack — including email, social media, mobile chat, and collaboration tools.
What began with email has expanded into a multitude of online communication tools, from Zoom to WhatsApp to Slack. This expansion has also opened up new and dynamic challenges for IT and compliance teams.
Organizations need ways to scale their compliance operations to keep pace with digital transformation efforts. Evolution is the key – and the first step is a thoroughly modern approach to digital compliance rooted in four principles:
As regulations change and business grows, mitigate your compliance risks.
Shrink oversight expenses and increase productivity through more efficient review and investigation processes.
Gain full data governance across your organization’s communications — from emails to mobile chat, and everything in between.
Ensure native content capture with a full audit trail for all communications, including deleted content, not just flagged violations.
With modern digital compliance, keep up with the fragmentation and volume of data generation while protecting your most valuable assets — your people.
Digital compliance management has become something of a struggle for many companies, especially in heavily regulated industries like financial services and life sciences.
- 41% of enterprises believe business interruption is the number one risk among organizations.
- 9 of 10 companies expect up to 30% increase in compliance costs over the next two years due to the evolving regulatory, customer, and business demands.
- U.S. businesses spend an average of $10,000 per employee on regulatory costs.
- High-quality professionals — especially those who combine compliance and rare technical skills — are scarce, and the demand grows across verticals like digital security, ESG, and crypto-finance.
However, there are a few silver linings for regulatory compliance teams:
- A Navex Global study found compliance risk programs are maturing – the number of “mature and advanced” compliance risk programs grew by 29%, while the number of “reactive and basic” ones declined by 35%.
- Fifty-five percent of organizations say their compliance culture is based around a “Can we?” rather than “Should we?” attitude, indicating a focus on building a more proactive and positive compliance culture.
- By 2026, the data governance market is projected to grow to $7.42B.
Organizations are now maturing overall with how they perceive compliance. This projected growth in the data governance market portends more enterprises adapting technologies to ensure they remain compliant, for their and their customer’s sake.
Businesses need to seek out a smarter, more modern approach to digital compliance. Companies need flexible compliance solutions that provide consistent policy supervision across all communication channels to scale risk reduction efforts just as they scale digital transformation projects.
Compliance teams, with the right tools at their disposal, can significantly reduce oversight costs, eliminate risk exposure, and enable business agility. Here are the qualities to look for in a modern digital compliance solution:
Multichannel analysis and archiving
Businesses, especially in highly-regulated industries, should always be prepared for audits and litigation, no matter what market they’re in. Archiving and journaling all of your data and ensuring litigation readiness is one way to do that.
- Full content capture across digital channels in native formats, including deleted posts, text, emojis, GIFs, file attachments, and metadata
- Detailed search capabilities, supported by PST export set legal hold functionality
- Enables reduced costs, improved orchestration, and streamlined reviews
SafeGuard Cyber provides this. Our very own compliance platform supports over 30 digital channels to enable archiving, journaling, and litigation readiness no matter the communication method.
Advanced language-based risk analysis with NLU
Compliance teams that don’t innovate slow down business growth efforts, ceding market share to competitors. Solutions that leverage advanced language-based risk analytics capabilities, highly improved by Natural Language Understanding (NLU), help your company to gain insight into your own data points.
- Capable of supporting compliance automation in auditable environments
- Powered by a purpose-built policy engine and transparent machine learning
- Multi-language support to scale policy supervision across multiple markets
Automated policy supervision
Niche point solutions often result in low efficacy and higher oversight costs. With the right solution, however, those concerns are immediately addressed.
- Provide 100% coverage through automated, consistent policy supervision
- Reduce oversight costs by 80% or higher
- Ready-made and customizable policy templates help quickly zero in on industry-specific compliance risks, issues, and violations
- Enables immediate response to regulatory audit requests
Modern channels: mobile messaging and social media
Enable digital compliance across your marketing processes. With the right solution, your company can leverage the powers of social media and mobile messaging channels like WhatsApp while reducing risk exposure.
- Immediate alert and flagging of risky mobile messaging and social media content
- Manual or automatic problematic content remediation – whichever you prefer
- Streamlined reviews and approvals for posting content and other social media workflows
- Enables archiving of social media content
Unified Visibility for Scale
Traditional sampling methods do not scale to the volume and velocity of modern communication channels, resulting in unnecessary risk exposure. Any modern compliance solution must scale with your business needs.
- Can process, analyze, and comprehend data across a number of languages
- Available across various communication channels and applications, including email, mobile chat, social, and collaboration.
The SafeGuard Cyber compliance platform also scales across 30 communication channels — from email to mobile chat, social, and collaboration applications.
Transparent machine learning
Beyond low efficacy and higher oversight costs, niche point solutions also create high false positives. A highly effective machine learning-powered solution ensures a compliance risk solution and monitoring system tailored to your needs.
- Significant reduction/elimination of false positives
- Compliance monitoring and supervision improved constantly through past reviews
SafeGuard Cyber’s platform addresses the principles of modern digital compliance. But don’t take our word for it; let our clients speak for themselves.
- Global Pharmaceutical Enterprise Saves More Than $30M Using SafeGuard Cyber
A global pharmaceutical company wanted to improve the visibility and details in their CRM. With SafeGuard Cyber’s help with automating compliance and regulatory reviews, the company saved more than $30 million in compliance review costs per month, with 100,000+ free text call records per day captured in multiple languages.
- Global Investment Firm Automates Compliance for WhatsApp
With over $600B in AUM, a global investment firm needed to assure record keeping for overseas employees leveraging WhatsApp to conduct business. As a result of SafeGuard Cyber’s intervention, the firm achieved 100% automated supervision and coverage across 250 WhatsApp accounts for multiregional regulations, all while ensuring employee privacy.
When it comes to ransomware, avoiding becoming a victim is better than cure. Reducing the risk of ransomware incidents should be a priority for many businesses. However, should an organization be unfortunate enough and fall prey to ransomware, the following steps should be followed:
Remove The Device From The Network.Ransomware on one device is bad, but ransomware proliferating through a network of devices is catastrophic. Employees should be trained to immediately disconnect their device from the network if they see a ransomware demand displayed on their screen. They should also do the same if they observe anything peculiar, such as an inability to access their own files. Employees must not attempt to restart the device; it should be sent immediately to the IT department.
Notify Law Enforcement.Ransomware is a crime. Theft and extortion rolled into one make it a law enforcement concern. Organizations should all default to immediately contacting the police cybercrime department, should they fall victim to a ransomware attack.
Use Digital Risk Protection to Establish The Scope of Attack.In the wake of a ransomware attack, security teams need to gather as much intelligence as they can, as fast as they can. This will help both internal IT teams and law enforcement agencies formulate a response. Enterprises should strive to figure out the nature of the attack: who is behind it, what tools they used, who they targeted and why. Answering such questions can help your IT managers and network administrators figure out the extent of the attack and protect networks from future attacks.
Consult with Stakeholders to Develop the Proper Response.Enterprises suffering a bad ransomware attack need to answer a host of questions: Can they afford to lose access to the targeted files, either because they have been backed up, or because they are not of the highest priority? Can the organization afford the ransom? Is there any room for negotiation? All stakeholders, from shareholders to legal counsel, should be consulted.
Get the Post-Mortem Right.The best way to resist a ransomware threat is to have learnt from the last one. After an attack, enterprises should task their IT technicians, network administrators, and cybersecurity teams with a thorough review of the breach. A meticulous assessment of an organization's infrastructure, practices, and processes is required to discover flaws in security, and reinforce an enterprise against existing and future threats.
Fortunately, more companies are becoming smart enough to not give in to the threat of ransomware. As of Q4 of 2020, the average ransom payment is down by 34% ($154,108) from $233,817 in 2020’s Q3.
The dramatic decline can be attributed to the recent instances of malware attacks where, instead of being deleted, the stolen data is released publicly, even when the affected organization or individual pays. Now, more victims of cyber extortion are saying “no” to ransom payments, and are becoming smarter in their cybersecurity efforts by creating backups of their data and following best practices.
Hopefully, moving forward, more companies will proactively secure their data by following the best practices stated above and continue to resist being strong-armed by ransomware attackers. When cyber extortion loses its profitability, organizations win.
With proper communication risk protection, organizations can detect and nullify ransomware threats before they become an issue. The SafeGuard Cyber platform can keep pace with the scale and velocity of modern digital communications, and detect phishing links and other indicators of ransomware attacks across the full suite of cloud applications. Threats are instantly flagged and quarantined before an unsuspecting human target clicks on anything dangerous.