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Actiance Presentation - BDI 2/9/11 Financial Services Social Communications Leadership Forum
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Actiance Presentation - BDI 2/9/11 Financial Services Social Communications Leadership Forum

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Presentation by: Jim Hilsenrod, Director, Strategic Accounts, Actiance, Inc.

Presentation by: Jim Hilsenrod, Director, Strategic Accounts, Actiance, Inc.

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    Actiance Presentation - BDI 2/9/11 Financial Services Social Communications Leadership Forum Actiance Presentation - BDI 2/9/11 Financial Services Social Communications Leadership Forum Presentation Transcript

    • How to Enable Social Media in Financial Services
    • Agenda Intro About Actiance Social Media on the Rise Benefits of Social Media Understanding the Risks Applicable Regulations Anecdotes Applying Appropriate Controls Wrap-up1 Confidential and Proprietary © 2011, Actiance, Inc. All rights reserved.
    • About Actiance Enable the New Internet – 4,500+ Web 2.0 apps, Unified Communications, Social Networks Global operations – USA, EMEA, India, Asia/Pacific Market Leader – 9 of the top 10 US banks – Top 5 Canadian banks – 3 of the top 5 energy companies Broadest Partner Ecosystem – Technology alliances2 Confidential and Proprietary © 2011, Actiance, Inc. All rights reserved.
    • Social Is Booming Social Networking Social Collaboration Social Publishing Social Feedback3 Confidential and Proprietary © 2011, Actiance, Inc. All rights reserved.
    • Upside of Social Media Generate buzz and increase visibility Strengthen customer relations Build an additional revenue source Extend your brand4 Confidential and Proprietary © 2011, Actiance, Inc. All rights reserved.
    • Risks of Using Social Media and Web 2.0 Data Leakage Incoming Threats Compliance & eDiscovery User BehaviorPersonal SEC, FINRA EmployeeInformation Malware, Spyware Productivity HIPAA, FISMAIntellectual Property Viruses, Trojans Bandwidth SOX, PCI, FSACredit Card, Explosion InappropriateSSN FRCP- eDiscovery Content Every employee isClient Records FERC, NERC the face of business
    • Web 2.0 & Social Networks Regulation & Compliance Regulation Social Network and Web 2.0 Impact Obliged to store records and make accessible. Public correspondence requiresSEC and FINRA approval, review and retention. Extended to social media. http://www.finra.org/Industry/Issues/Advertising/p006118 Protect information, monitor for sensitive content, and ensure not sent overGramm-Leach-Bliley Act (GLBA) public channels (e.g., Twitter) Ensuring cardholder data is not sent over unsecured channels AND PROVINGPCI IT Prevent identity theft. Protect IM and Web 2.0 from malware and phishingRed Flag Rules when users are more likely to drop their guard. Email and IM are ESI. Posts to social media sites must be preserved ifFRCP (eDiscovery) reasonably determined to be discoverable. http://blog.twitter.com/Sarbanes-Oxley (SOX) Businesses must preserve information relevant to the company reporting.
    • Real-Life Anecdotes Citibank Deloitte Financial Northshore Bank Online Banking7 Confidential and Proprietary © 2011, Actiance, Inc. All rights reserved.
    • Appropriate Controls: The Basics Who needs controls applied? Users within your organization - HR, Marketing, Sales, IT? How do I apply these controls? Are there tools available? Where do I get started?8 Confidential and Proprietary © 2011, Actiance, Inc. All rights reserved.
    • Appropriate Controls: The Specifics Issue Control RequirementsIdentity management Ensure that all the different logins of an individual link back to corporate identityActivity control Posting of content allowed for marketing but read-only for everyone elseGranular application control Employees can access Facebook, but not Facebook Chat or Facebook GamesAnti-malware Protect network against hidden phishing or Trojan attacksData leak prevention Protect organization from employees disclosing sensitive informationModeration Messages posted only upon approval by designated officerLogging and archiving Log all content posted to social networksExport of data Export stored data to any email archive or WORM storage9 Confidential and Proprietary © 2011, Actiance, Inc. All rights reserved.
    • Appropriate Controls: Moderation Posts to Twitter/Facebook/LinkedIn held for review by the following criteria: – All – Keyword/dictionary matches – Regular expressions (e.g., credit card/SSN patterns)10 Confidential and Proprietary © 2011, Actiance, Inc. All rights reserved.
    • Appropriate Controls: Archiving for eDiscovery Social networking activity and posts are captured All the captured events are presented for eDiscovery and available for export to archiving platforms11 Confidential and Proprietary © 2011, Actiance, Inc. All rights reserved.
    • Further Reading and Materials Osterman Research White Paper “The Impact of New Communications Tools for Financial Services Organizations” Meeting FINRA 10-06 Compliance Guidelines White Paper How Actiance address FINRA 10-06 Matrix 2010 Internet Usage Survey Results12 Confidential and Proprietary © 2011, Actiance, Inc. All rights reserved.
    • Questions