When the average cellphone now has at least 10 different forms of electronic communication, it’s a sure sign that the process for capturing all of the data being generated is going to be a challenge for key players in the data-protection and availability space.
For Veritas Technologies LLC, this has meant the introduction in February of Veritas Advanced Supervision, a new compliance tool that leverages machine learning to accurately identify and pinpoint critical data.
The tool has become especially helpful for highly regulated industries such as the financial sector.
“It is outside of the realm of backup and recovery,” said David Scott (pictured), director of product management at Veritas. “It is a requirement for the financial services community that you sample a subset of communications looking for violations. You’re looking for insider trading; you’re looking for money laundering.”
Scott spoke with Jeff Frick, host of theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed how Veritas helps clients meet complex European data protection laws, growing need for COVID-19 information, and extending compliance tools into other areas of the enterprise. (* Disclosure below.)
Capturing key financial data
General Data Protection Regulation, or GDPR, is one element on a growing list of regulatory demands placed on companies doing business in Europe. Perhaps less well-known is the Market and Financial Instruments Directive, or MiFID II, which applies to all investment banks and financial institutions throughout the European Union.
“MiFID II in the EU has been huge,” Scott said. “That dictates that you need to capture all voice and text conversations, instant messages, everything that goes on between a broker, and the end customer has to be captured, supervised and maintained on warm storage. That’s an area we play very well in.”
The country of Turkey represents yet another example of where businesses must comply with government policies regulating the transfer of personal data and where Veritas helps provide solutions. The data-protection law, known as KVKK, came into effect four years ago and it is very strict.
“It’s kind of like GDPR but with jail time for non-compliance, so there’s a lot more motivation on the part of an information-technology department to make sure they’re meeting that requirement,” Scott noted. “It deals with data privacy and ensuring the safety of that content.”
Need for COVID-19 data
The current global pandemic has created demand for Veritas solutions as well. As COVID-19 data is flowing into state and federal agencies, requests for records related to the virus are rising fast.
“The federal government is getting all kinds of requests right now for COVID-related communications,” Scott said. “They’ve got to respond to these requests very quickly. Our team came up with a COVID-19 communications policy where we can actually weed out the communications related to COVID-19 to allow federal agencies, and even state and local agencies, to quickly respond to those types of requests.”
Aside from meeting requests for data from government agencies or protecting information in foreign countries, Veritas is also finding that its clients view data-supervision tools as an opportunity to generate business value. This could include areas of an organization such as sales where data that shows response times, communication volume, or document exchanges could help predict the likelihood of a future sale.
“All of this can give you higher confidence that a deal is going to close or is failing,” Scott said. “It shines a new light on the data you have to collect to comply with regulations, litigation, or other reasons. Now there’s other value there.”
Watch the complete video interview below, and be sure to check out more of SiliconANGLE’s and theCUBE’s CUBE Conversations. (* Disclosure: Veritas Technologies LLC sponsored this segment of theCUBE. Neither Veritas nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)
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