As security and privacy become increasingly important concerns for businesses and consumers alike (see Facebook’s recent strategic pivot), it’s not surprising that collaboration vendors are busy adding new security measures to their products.
Case in point: on Monday, Slack announced GA of Enterprise Key Management (EKM), a feature which they pre-announced last September, and of which we wrote about in our blog at the time.
Slack’s blog post announcing EKM provides a bit more detail about the service, and directly calls out use cases for "high-regulated industries like financial services" in their messaging. Clearly, Slack is noticing that its service doesn’t cut it for large enterprises who are concerned about compliance or security. But let’s take a closer look at Slack’s EKM offering and what it does - and doesn’t - offer.
Digital transformation and the digital workplace have gone fully mainstream. So mainstream in fact that 40 percent of all technology spending will go toward digital transformations, with enterprises spending in excess of $2 trillion by 2019, according to analyst research firm IDC.
This figure indicates that company leaders believe digital transformation brings real business value. And it’s true that no company ever got ahead by sticking with their same legacy technology solutions. However, digital transformation is still a nebulous undertaking, and new tools must be carefully vetted against the ROI they will bring to the organization.
One of the more curious news items circling on the internet recently includes this story about a young crypto trader who passed away sadly and suddenly - and with his death, the password to $190 million worth of his clients’ money was lost.
Because of the nature of the cryptocurrency industry, many companies use offline wallets and secure messaging tools to keep data safe. Companies sometimes turn to consumer security solutions for good reason: the cloud can be an unsafe place to store things like millions of dollars, and consumer tools have historically provided stronger and more robust end-to-end encryption than enterprise solutions. In this case, however ironic, it’s exactly because QuadrigaCX’s CEO used personal consumer encryption tools that millions of dollars are now unrecoverably locked away.
Business can be done from virtually anywhere, thanks to mobile and the host of different communications platforms available to most professionals today. Users can easily connect via social media, team collaboration and messaging platforms, text, personal email -- the list goes on. And for many businesses, this "consumerization of IT” is a positive trend from a productivity perspective. It allows for greater opportunity to build relationships with clients and offers quicker communication and collaboration between teams.
However, for companies in highly regulated industries - like financial services - each new avenue of communication also poses a potential compliance risk. Regulatory bodies are taking note; the SEC’s Office of Compliance Inspections and Examinations (OCIE) has recently acknowledged the increasing use of alternative communication methods in the investment advisory business as a potential concern.
As the enterprise collaboration space continues to grow, partnerships and integrations are becoming increasingly important in order to truly streamline workflow. At Symphony, we know that you spend time in any number of applications each day, so it’s important for us to support the work that you do in all of them. And who better than to integrate with for productivity than the original enterprise collaboration tool: Microsoft Office™?
Here are a few new capabilities to look out for with our new Symphony for Microsoft Office™ integration...