The financial services industry has been relying on journaling for decades to meet regulatory retention requirements for electronic communications. In fact, it's still a necessity for companies in the financial services industry. Financial services (finserv) organizations must archive all communications that occur when target employees communicate with others in such a way as to ensure “copy of record” status – or in other words the message can be proven to have not been altered or deleted. It's important to understand the difference between journaling and archiving. Email journaling is the ability to capture and protect all email traffic. Alternatively, archiving refers to moving copies of captured email to an information management system where it is secured, managed, (retention/disposition), and indexed for quick search. Journaling was developed by Microsoft almost two decades ago to enable companies under SEC regulation to capture and protect email from target brokers and traders. However, many other government regulations suggest employing a journaling-like capability.
So, you’ve decided to move your on premise email system to Office 365/Exchange Online for cost savings, higher security, and scalability. However, before you begin the migration, a question you should ask is; does my organization journal email for compliance, legal, or business requirements? If your company does, then read on.
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Healthcare providers are facing continually growing data storage requirements, a changing regulatory compliance environment and increasing numbers of data sources to manage. The obvious culprit of rising healthcare storage requirements is diagnostic imaging systems. Currently, imaging systems are creating over 600 million images per year in the U.S. alone.
Some companies face the prospect of archiving electronic documents for very long periods of time – up to 100 years, for regulatory or business reasons. For example, construction companies involved in large projects, bridges, dams, skyscrapers, airports, etc., must keep all documents related to the project for the actual construction period plus 30, 50, 100 years (varies depending on state and local government regulations). As well, the records must be quickly searchable and readable over those same periods.
Most companies eventually realize many of their legacy applications or databases are costing them more while providing little value. The main reason companies cite for keeping aging applications and databases active is the potential need to respond to regulatory or legal requests. In reality, legacy application data can be archived and managed separately eliminating the need to keep legacy applications active.
With the recent ransomware attacks that have been in the headlines over the last year, many companies are reconsidering their data protection strategies to protect their company against these new, growing threats.
Prior to the availability of cloud archiving, companies were stuck with expensive, on premise archiving solutions mainly because they were the only game in town. The archiving software vendors focused on specific industries that required companies to archive data based on government regulatory requirements, for example the financial services industry with SEC and FINRA compliance requirements. Companies quickly discovered the downside of on premise archiving solutions; 1) they were expensive, and 2) they were complicated to maintain. Their main advantage was that your data was stored in your data center – you controlled your data.
The EU/US, Safe Harbor scheme, was struck down by the Court of Justice of the European Union (CJECU) in October of 2015 putting companies on both sides of the Atlantic in a difficult position - not having a process for legally transferring data out of the EU to the US.