{"componentChunkName":"component---src-templates-blog-post-ts","path":"/encrypted-message-platform-to-meet-regulatory-requirements-for-financial-institutions-by-storing-message-content-for-several-years/","result":{"data":{"site":{"siteMetadata":{"title":"Clausehound Blog","author":"Joshua Koudys"}},"markdownRemark":{"id":"eb2a6b17-f929-5df8-822b-329dc83bc7a9","excerpt":"An open source API will allow developers to attach services to the software platform that they are using. This can help even on platforms that emphasize…","html":"<p>An <strong>open source API</strong> will allow developers to attach services to the software platform that they are using. This can help even on platforms that emphasize security and confidentiality.</p>\n<p>A new communications platform has been developed for communication between financial professionals. Called <strong>‘Symphony’</strong>, the platform is encrypted to provide maximum security from hackers. Because the financial industry is heavily regulated, financial institutions are required to store all communications for a defined number of years. Regulators expressed concern that the messaging system would fail to store the messages for the required number of years, and that the encryption system would be used to prevent regulators from accessing the content of the messages. </p>\n<p>Symphony reached a deal with the New York Department of Financial Services, agreeing to store the information for seven years. Four banks, customers of Symphony, agreed to turn over copies of their encryption keys to an independent custodian. Regulators will be able to decrypt messages upon request. Symphony has an open API, which will enable developers to attach services to the message platform.</p>\n<p><a href=\"http://recode.net/2015/09/14/messaging-service-symphony-dodges-regulatory-action-ahead-of-launch/\" target=\"_blank\" rel=\"nofollow noopener\">Read the article here.</a></p>\n<h3>Takeaway:</h3>\n<ul>\n<li><strong>Content storage restrictions</strong> need to meet the needs of the end user, including the obligations imposed on the user by regulatory bodies.</li>\n</ul>","frontmatter":{"title":"Encrypted Message Platform to Meet Regulatory Requirements for Financial Institutions by Storing Message Content for Several Years","date":"October 01, 2015","description":"An open source API will allow developers to attach services to the software platform that they are using. This can help even on platforms that emphasize security and confidentiality.","author":{"id":"rajah@cobaltcounsel.com","first":"Rajah","last":"Lehal","bio":"Rajah Lehal is Founder and CEO of Clausehound.com.  Rajah is a legal technologist and technology lawyer who is, together with the Clausehound team, capturing and sharing lawyer expertise, building deal negotiation libraries, teaching negotiation in classrooms, and automating negotiation with software.","image":{"childImageSharp":{"fluid":{"base64":"data:image/jpeg;base64,/9j/2wBDABALDA4MChAODQ4SERATGCgaGBYWGDEjJR0oOjM9PDkzODdASFxOQERXRTc4UG1RV19iZ2hnPk1xeXBkeFxlZ2P/2wBDARESEhgVGC8aGi9jQjhCY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2P/wgARCAAUABQDASIAAhEBAxEB/8QAGAABAAMBAAAAAAAAAAAAAAAAAAIDBQT/xAAWAQEBAQAAAAAAAAAAAAAAAAAAAgP/2gAMAwEAAhADEAAAAboK870hU4HaFoP/xAAbEAEBAQACAwAAAAAAAAAAAAACAQMABBEhMv/aAAgBAQABBQLZ0DJXzzsfOHtcqtrVlGqp/8QAFBEBAAAAAAAAAAAAAAAAAAAAIP/aAAgBAwEBPwEf/8QAFREBAQAAAAAAAAAAAAAAAAAAASD/2gAIAQIBAT8BY//EAB0QAAICAQUAAAAAAAAAAAAAAAEhABEQAhIxQVH/2gAIAQEABj8CXJgvXuvA9nWLJcsJAqOf/8QAGxAAAgMBAQEAAAAAAAAAAAAAAREAIUFREDH/2gAIAQEAAT8hEPkifIrIYPgAmwaHZUKpzPAcw4PIYWoDkjn/2gAMAwEAAgADAAAAEDvXff/EABYRAQEBAAAAAAAAAAAAAAAAAAEQEf/aAAgBAwEBPxADGE//xAAWEQEBAQAAAAAAAAAAAAAAAAARARD/2gAIAQIBAT8QTDLn/8QAHRABAQEBAAIDAQAAAAAAAAAAAREAITFxQVFhof/aAAgBAQABPxBERBosSrNWnl4U/SabyrrjY+eesU1Qqo7Xg1wnR1H+PrIYPUA6nfZ3SAwyyXf/2Q==","aspectRatio":1,"src":"/static/d7bbad08c257f3987a4a5710553e9e17/bdd4d/Rajah.jpg","srcSet":"/static/d7bbad08c257f3987a4a5710553e9e17/2b9ee/Rajah.jpg 80w,\n/static/d7bbad08c257f3987a4a5710553e9e17/e5d64/Rajah.jpg 160w,\n/static/d7bbad08c257f3987a4a5710553e9e17/bdd4d/Rajah.jpg 320w,\n/static/d7bbad08c257f3987a4a5710553e9e17/6e63d/Rajah.jpg 400w","sizes":"(max-width: 320px) 100vw, 320px"}}}},"tags":["API","API Content","Commercial Activities","Rajah"]}}},"pageContext":{"slug":"/encrypted-message-platform-to-meet-regulatory-requirements-for-financial-institutions-by-storing-message-content-for-several-years/","previous":{"fields":{"slug":"/blog-bite-how-should-school-boards-balance-safety-and-privacy-in-deciding-whether-to-implement-video-surveillance/"},"frontmatter":{"title":"Blog Bite: How should school boards balance safety and privacy in deciding whether to implement video surveillance?","tags":["Privacy Policy","Mondaq","Learn","Canada (ON)"],"author":{"id":"alina@clausehound.com","first":"Alina","last":null}}},"next":{"fields":{"slug":"/no-marriage-contract-a-60-million-mistake-for-gwen-stefani/"},"frontmatter":{"title":"No Marriage Contract: a $60 Million Mistake for Gwen Stefani?","tags":["Marriage Contract","Prenuptial Agreements","Commercial Activities","Rajah"],"author":{"id":"rajah@cobaltcounsel.com","first":"Rajah","last":"Lehal"}}}}}}