Today we launched Box for Financial Services, bringing Box to an industry that faces strict compliance standards and that routinely works with highly sensitive information. We’re excited to dive into three important product enhancements that are powering Box for Financial Services: Retention Management, Watermarking and Enterprise Key Management.
Retention Management enables customers to use Box as both a secure system of engagement and a compliant, reliable system of record. Retention Management supports two key use cases:
- It establishes formal retention periods to protect selected files from deletion for a number of days, months, or even years
- At the expiration of a retention period, it ensures proper disposition
Providing IT and compliance teams the tools to properly govern all their content and meet legal, compliance and other business mandates will transform the financial services industry. Previously, records managers were forced to manage multiple disconnected systems and the complexity of these processes introduced unnecessary audit risks and operational costs. Box Retention Management introduces a unified system that aligns teams in a secure, centralized repository to track, manage and audit content.
Furthermore, FINRA and SEC requirements dictate broker-dealers and other firms preserve transaction records and other critical documents for specific periods of time, preventing deletion or alteration in any way. In Spring 2015, Box will announce FINRA compliance, allowing customers to meet important regulatory measures without having to sacrifice cloud collaboration.
Also with this launch, we announced our watermarking feature, which intelligently builds on top of the granular permissions model within Box Information Rights Management (IRM). Our goal with watermarking is to preserve the balance between ease of use and maintaining security and control for businesses. With watermarking, Box customers can easily and effectively assert ownership over critical documents, track the source for downloaded and shared confidential information and ultimately deter content leaks. Admins will be able to enforce visible source identification on documents that can be previewed in Box, including formats like MS Office files, PDF files and images. Furthermore, the solution will dynamically mark the document with the viewer's e-mail address and time stamp, letting the owner not just assert ownership, but also remind the recipient that they are responsible for their copy of the file. Moreover, watermarks can be included when representations of files are downloaded from Box.
Enterprise Key Management
Two weeks ago, we announced Box Enterprise Key Management (Box EKM). Box EKM will be crucial for Financial Services firms and other regulated organizations to collaborate on content in the cloud while maintaining full control over data. With Box EKM, we are giving customers exclusive control over the keys that protect their content without compromising important features of Box like usability, mobility and governance. We've talked to a number of financial services organizations that want to move to the cloud, but were limited in the types of data they could move without full control over the keys protecting it. This is no longer an obstacle - sensitive and regulated content can now be securely managed, accessed, and shared in Box.
With the advancements we’ve announced today, Box is helping businesses comply with both internal policies for segregation of duties, and external requirements like FINRA, while accelerating their business and reducing the cost of compliance. Together, these capabilities give businesses the tools they need to effectively govern and protect their most confidential documents throughout the lifecycle, from creation through collaboration, to retention, and ultimately their secure destruction.