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Ever since the COVID-19 pandemic accelerated the adoption of remote working, consumer-grade communication and collaboration apps like WhatApp and Microsoft Teams have played an integral role in enabling employees to collaborate.
According to Veritas, 71% of employees globally admit to sharing sensitive and business-critical data via instant messaging and business collaboration tools.
Yet while these solutions may be convenient for users, they’re also poorly optimized for sharing regulated data, and leave organizations exposed to regulatory liabilities.
For this reason, zero trust architecture provider Worldr, which today announced it has raised $11 million in seed funding, designed Worldr for WhatsApp, a bolt-on solution for Whatsapp that’s designed to archive user messages so they’re available during auditing.
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Worldr for WhatsApp sits on top of the user’s existing WhatsApp deployment and keeps a copy of all communications within a secure storage facility. This means that compliance teams can archive messages for auditing purposes and satisfy SEC, GDPR, and FINRA requirements.
Making collaboration compliant
The announcement comes amid a regulatory crackdown on unauthorized messaging apps, with the SEC and the Commodity Futures Trading Commission handing out $2 billion in fines to global financial firms that failed to monitor employee’s communications on unauthorized messaging apps like WhatsApp.
One of the firms fined, Morgan Stanley received a fine of $200 million for “use of unapproved personal devices” and “inadequate” record keeping, with the US government alleging that director …