The New York Department of Financial Services has announced that it reached voluntary agreements with four of our customers regarding their use of Symphony’s platform (see our blog post on the topic). Symphony was already designed to allow banks to be fully compliant with their record retention requirements. Today’s announcement provides additional procedures.
This is a very positive development for Symphony and our customers, as it ensures that financial institutions can enjoy Symphony’s state-of-the-art communications platform, while also benefiting from its cyber security capabilities while meeting their strict compliance needs. These agreements follow a series of very productive conversations that we had with the DFS to explain how our platform works. The four banks agreed to store messages on Symphony for a set period of time and to keep duplicate copies of their decryption keys with independent custodians of their choosing.
As we highlighted in our prior blog posts, Symphony was built from the ground up to feed into the retention systems used by our customers so that our customers could retain all of their Symphony messages. The agreements are in addition to the banks’ already extensive systems for safeguarding communications.
These agreements will have no impact on the fundamental security and compliance features that set Symphony apart from our competitors. Our end-to-end encryption provides robust protection from cyber-threats. Symphony ensures that messages are safeguarded against increasingly sophisticated and harmful cyber-attacks that represent a systemic risk to our financial markets. We also protect against vendor risk because Symphony does not have access to customer messages.
Importantly, Symphony was intentionally designed to facilitate and enhance customers’ compliance operations. Not only does our software ensure that customers receive and can store their data to meet regulatory requirements, but it also provides added features and tools that can meaningfully bolster customers’ in-house compliance capabilities.
Symphony’s communications platform is a critical leap toward better, safer and more reliable methods of communication in the workplace, and we look forward to introducing our platform at our official launch in New York on September 15.