Applies the same content monitoring, archiving rules to social networks as cover email and instant messaging.
How to let traders, salespeople, customer service reps and investment bankers use social networking in a beneficial way (to attract customers, fix problems, share tips, collaborate, etc.) and be certain that confidential information about the firm will not be leaked, that no employee will ever post an inappropriate comment on a social network, and that no rule will ever be broken (for instance, FINRA's rule requiring customer communications to be monitored and archived) — is a challenge to compliance and risk managers on Wall Street.
One answer to this challenge is being offered today by FaceTime, a provider of compliance and security software for Web 2.0 applications and "unified communications" (integrations of voice, instant messaging, video and web conferencing linked together by presence awareness software). Its Unified Security Gateway 3.0 combines content monitoring, management and security of Web 2.0 applications such as social networking, instant messaging, and unified communications, with URL filtering, malware and Web antivirus protection.
One large Wall Street client recently told Kailash Ambwani, CEO of FaceTime, "Our compliance group has said Facebook and Twitter are electronic communications and they need to be brought under compliance or blocked." Yet blocking is not the preferred tactic, Ambwani says, because firms are under grass-roots pressure from employees such as financial advisers to allow social networking.
More than 600 financial services companies have employees who have Twitter accounts, Ambwani says. Another large financial services client has several thousand financial advisers in the field who would like to use Facebook and Twitter, he says, for three reasons: First, the leads they get through Faceboook convert into customers at a much higher rate than normal leads. "That makes sense because in our sales process, we find our reps get a higher response when they reach out to their LinkedIn or Facebook networks than when they cold call companies," Ambwani says. Second, the financial advisers catering to a 30-40 year old demographic want to come across as innovative and embracing these technologies. Third, providing social network platforms is helpful in recruiting young MBAs who have grown up with the technology.
On the other hand, FINRA considers employees' tweets or posts about a company to be advertisements, according to Ambwani. "They have to be archived and monitored just like any other ad," he says.
The Facetime software lets companies set rules for employees' use of more than 900 social networking sites and internal communications tools and for the archiving of that information. For instance, one policy might stipulate that research analysts can't communicate with traders. Another might block anyone at the company from typing a customer's Social Security number into a social networking site. A third might call for archiving Twitter exchanges between sales reps and customers. The Facetime product also protects against malware that tends to be distributed over popular social networking sites.
Pricing for the monitoring, security and archiving platform starts at $9,200.
COMMENTARY: When I first read this article I was absolutely appalled.
It is my opinion that an employer has NO right to know what goes on in our private lives. This kind of intrusion into our private lives, the monitoriting of our posts on social networking sites, is in direct violation of our right to privacy and freedom of speech, both protected under the Constitution.
I an still miffed that our email and web surfing activities are monitored by employers. Employees have been fired over this issue. And we are all aware that the FBI, NSA and CIA are already monitoring telephone calls, intercepting the email and other forms of communication used by individuals under investigation for terrorist activities and other crimes. I support the latter, but they better damn sure that the policing organization obtains a wiretap authorization from the court and that the person being monitored has committed a crime.
Just what the hell are employees afraid of? So long as I do not violate established company policies and disclose confidential information, employees have a right to interact and connect with others through social networks, and those posts, even if they are critical of an employer or certain employees are protected.
I have read that employees have been summarily fired for posting comments about their political and religious beliefs, looking for employment or complaints about employers. Maybe employers should treat their employees with greater respect and kindness and a lot of this would not be happening.
Google, Facebook and the cellular service providers can track our whereabouts. Just how far will this intrusion into our private lives go? Even worst, will this information be used to spy on us, will the data about our everyday activities be sold to marketers? I am really worried about this, and all Americans should be as well.
Courtesy of an article dated September 30, 2009 appearing in Wall Street & Technology
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