Communications Compliance is Taking Center Stage in the Boardroom
Within the modern governance landscape in financial services, communications compliance has emerged as a critical issue, spurred by the staggering fines for unmonitored communications that have surpassed $2 billion USD in the United States alone. In February 2024, an additional 16 firms faced SEC fines totaling $81 million, signaling a zero-tolerance stance by regulators against compliance violations.
The Cisco and Theta Lake partnership, established in 2018, reflects a strategic response to these challenges. Theta Lake enhances the security and compliance features of Cisco’s Webex collaboration suite. This joint solution ensures institutions can safely harness the power of Webex’s functionalities, while significantly reducing the risk of penalties, increasing user satisfaction, and enhancing ROI (return on investment).
Theta Lake’s “Digital Communications Governance, Compliance, and Security Survey” for 2023/24, sheds light on the evolving landscape. With independent responses from over 600 IT and compliance professionals, the Theta Lake report reveals that 40% of firms have now elevated communications compliance to a board-level concern, underscoring the pressing demand for a revamped compliance and security framework for Unified Communications and Collaboration (UCC) tools that are integral to the modern workplace.
Read the full blog by Cisco here!
