7 Reasons why Financial Services Companies Need to Archive Email with A Hosted Service
Do you know the one word that will cause your financial services company a catastrophic disaster? “Just.” Often it’s used by IT managers suggesting, “Why don’t we just host our email on our own servers?”
It’s cost effective and makes sense right? Wrong.
Every CFO knows email communication is vital to their organization. Last month Home Depot suffered one of the largest email data breeches ever when 53 million email addresses were stolen from their systems.
Read the Wall Street Journal story. Hackers posing as HD vendors were able to bypass their onsite email servers accessing the database.
Security
Ask any financial services company about checks and balances. They’ll tell you it’s accounting 101 to separate your accounts receivables from your payables departments.
The same protection is a must for your archived email. Too many companies make the mistake of ignoring security safeguards protecting their email on a third party hosting provider.
The first benefit is obvious. Security. Imagine your in-house servers are hacked. While your IT team troubleshoots the gateway breech, your email is protected offsite. Hosting your email with an expert host provider ensures your data is safeguarded 24/7.
Litigation Protection
Financial services companies need to protect themselves from liability. Therefore, archiving all email offsite safeguards their communications for search and indexing. Don’t forget you’ll also be able to easily pull reports of user messages, attachments and timelines.
Regulatory Compliance
Financial compliance regulations require that all email communications must be safely stored in original form. Hosting your email locally puts your organization at risk if your servers suffer threat.
Disaster Recovery
We’ve all seen news reports of natural disasters. It’s no longer whether your community will suffer a tropical storm or power outage, it’s when.
Archived email hosting by an offsite third party provider gives you the ability to safeguard your email and maintain banking operations.
You’ll provide services to your customers virtually while your local branches await emergency services to deem your hometown safe and ready to open your doors for business again.
Auditability
Accessing your archived email communications for audits is a breeze when you use an email host. Due to litigation and compliance regulations, your organization must safeguard all email communications for up to seven years.
Storage Management
As your company grows, your email quotas will require more storage. We often see an increase of our client email data storage increase by as much as 25% per year. Plan on allocating at least 150-200 MB per user.
By archiving your email with an outsourced provider, you no longer need to invest capital in onsite servers.
Cost
Your onsite servers are best used for your users, core business products and services. The concept allocates your capital on profit generating revenues rather than expenses.
It’s far less expensive to archive your email communications with an offsite host taking advantage of their server space. It’s economical and as your storage quota grows, you’ll save thousands of dollars letting your provider invest in resources to service your needs.
