Text Messaging has become pervasive throughout all industries and is generally accepted as a form of “electronic messaging” as defined by governmental and industry bodies. As such, in many instances Mobile IM faces the same retention requirements as e-mail and other enterprise messaging systems and must be archived. Additionally, many organizations are being exposed to HR and legal risk associated with unmanaged and unmonitored Mobile IM communications that can contain inappropriate, damaging or illegal information. Important regulatory requirements relevant to Mobile IM include:
- SEC Rule 17a-3 and 17a-4: Instant messages are characterized as a “book or record” to be retained as an “internet communication.”
- NASD Rule 3010 and 3110: Firms must maintain a “system to supervise and review” Mobile IM conversations and demonstrate compliance procedures for “electronic correspondence.”
- NYSE Rules 440 and 342: “Text Messaging” is explicitly outlined in NYSE Information Memo #03-7 as a type of communication that must be archived under SEC regulations.
- DOD Directive 5015.2: Sets standards for records retention, including Mobile IM
- Sarbanes-Oxley (SOX) 404: SOX brings with it a vast requirement for monitoring and reporting on the communication and documentation related to the company’s finances.
- HIPAA: Requires retention of patient records during clinical trials by med/pharma companies and privacy of patient records, including information shared over Mobile IM.
- FERC: Federal Energy Regulatory Commission requires the logging and auditing of transaction-related information, including Mobile IM.
- FCC: Federal Communications Commission requires extensive record keeping and storage requirements. Supervision and index of books and records is required.
- Corporate Communication Policy for Mobile IM: Text Messaging must be monitored and controlled in order to meet corporate compliance requirements for employee communications.
TigerText Pro directly addresses these concerns by providing a centralized solution for management, security, and policy enforcement for Mobile IM usage.