![]() Audio communications, a key component of smart phones, are also increasingly critical, as the volume of audio data recorded and analyzed by banks multiplies. was fined $3.75 million for systemic failures to properly preserve electronic records and certain emails and instant messages. In 2013, the top source of fines by the Financial Industry Regulatory Authority (FINRA) was noncompliance with electronic messaging laws. Emails, text messages and instant messages are “communications” and brokerage firms, therefore, have to retain such records related to their business and be able to produce them promptly at the request of the Securities and Exchange Commission (SEC). In the financial services industry, a variety of federal regulations require broker-dealers, investment advisers, and investment companies to retain copies of all communications relating to their business and to produce such records upon request. If that data resides on a device over which the employer has no control, the employer may face regulatory or other problems. Many employers are required as part of compliance obligations to retain certain data or communications. But some risks apply even to non-confidential communications. One recent survey found that 72% of consumers text for work purposes, and that 25% of those messages contain confidential information. There will be more risk for employees who deal with confidential information, such as in the healthcare or legal sectors. This Article explores the risks associated with BYOD, and offers practical solutions for employers seeking to maintain a secure corporate network.įirst, what are the risks of allowing employees to use their own devices for work? Obviously, risks vary greatly depending on the type of employer. But with the benefits of BYOD come many challenges. Reportedly, more than half of North American and European companies are developing a bring-your-own-device (BYOD) policy. For these reasons, many employers are incorporating employee-owned devices into their policies. ![]() And it is economically beneficial for employers not to have to duplicate these devices. Outright bans on use of personal devices for work may be impractical or, worse, not followed. In addition, more and more employees are working from outside the office, which often increases productivity. In all, 96% of full-time American employees say they use at least one of these types of devices. ![]() workers have a smartphone with Internet access, 87% have a laptop or desktop computer, and 49% have a tablet computer. It is the modern employer’s dilemma: do you allow employees to bring their personal smartphones, laptops and tablets to work for business purposes? Do you purchase work devices for them, duplicating what they have? Or do you simply ban use of any personal device for work purposes?Īpproximately 80% of full-time U.S. Originally published on South Carolina Lawyer (March 2016)
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