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Secure Financial Communications

With full control and complete security, Salt allows financial institutions to communicate securely at all times.

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Safe Haven Secure Communications for Banks and Financial Institutes

In the realm of cybersecurity, the financial and banking sector emerges as a prime target for malicious activities. This sector, being the custodian of substantial financial assets, becomes a focal point for cybercriminals seeking illicit gains. Of particular concern is the sensitive client data stored within banks, a potential goldmine for perpetrators of fraud and identity theft. Recognising this, financial institutions are obligated to fortify their defences to thwart such threats.

Among the critical elements of the security paradigm within the financial and banking industry, robust protection of communications takes precedence. Safeguarding business and client discussions is essential in maintaining the integrity of financial institutions. Salt Communications collaborates with global financial institutions, ensuring business continuity plans remain secure and compliant, even in situations where other systems may be compromised. In the context of regulatory considerations, such as those imposed by the Securities and Exchange Commission (SEC), the deployment of Salt Communications aligns with the stringent requirements for maintaining the confidentiality and integrity of financial communications.

This proactive stance not only safeguards against cyber threats but also contributes to regulatory compliance, mitigating the risk of potential fines and legal repercussions imposed by regulatory authorities. According to a tracker, penalties from the SEC and CFTC totalled $9.2bn in 2023, including 32 fines for insider trading alone. It also points out that the $4.3bn in penalties handed out by the CFTC was an all-time high. The figures include the joint fine against Wall Street banks over the use of WhatsApp employee communications and improper record-keeping practices.

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Implementing Salt Communications features provides a proactive and robust defence against cyber threats, contributing significantly to avoiding potential fines imposed by regulatory bodies such as the Securities and Exchange Commission (SEC).

Resources

More SEC Fines For Improper Use Of Signal, WhatsApp And IMessage: Can Financial Institutions Offer Secure And Compliant Communications In The Place Of Consumer Apps?

SEC Fines Facts Sheet

Salt Communications Quad Chart

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