Meet Requirement for Record Keeping

Many existing regulatory agencies, including the Federal Trade Commission Safeguards Rules, the Health Information Portability and Accountability Act (HIPAA) and the Gramm-Leach-Bliley Act (GLBA) now require that the companies subject to those rules and regulations establish a comprehensive information security plan.

HIPAA requires healthcare institutions to enact and enforce security measures so that patient information remains confidential. GLBA, government and other agencies also require similar provisions. Should an institution fail to comply, it will be subject to regulatory enforcement actions, including fines, litigation and/or license revocation.

The National Association of Securities Dealers (NASD) requires that both written and electronic correspondence with public customers be maintained. When an employee or other representative of any broker-dealer sends business related email, it must be preserved and maintained in a manner that verifies the authenticity of the collected data. This also encompasses web based email from home, all chat conversations and instant messaging.

Legislation such as the Sarbanes-Oxley Act, passed in response to the Enron/Arthur Anderson scandal, imposes severe penalties for the destruction of data, including electronic data. Other recent legislation establishes a compelling obligation for businesses to preserve electronic data that may be relevant to an audit or legal matter.

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