Lack of chat archiving causes serious problems for major bank
Archiving unstructured data is an increasingly critical aspect of business operations, whether it’s for productivity or compliance issues. A lack of strong archiving solutions can create significant harm for businesses in highly regulated industries, like banks.
Deutsche Bank AG recently dealt with increased scrutiny from financial regulators due to problems with retaining employee chat records. Bloomberg reported a glitch in the company’s system caused records from as far back as 2005 to be lost.
This revelation came on the heels of a $2.5 billion settlement with regulators in the U.S. and U.K. over rate adjustment irregularities, and it could expose Deutsche Bank to further investigation and penalties. Businesses with regulatory requirements for storing unstructured data have to seek out solutions that securely archive and store that information.