Unified communications (UC) streamlines connections within financial institutions. As financial firms implement UC solutions, they need systems from trusted providers who understand the security threats that face financial institutions. Mitel phone systems and UC solutions address these security concerns while providing robust, world-class service.
Accenture’s Cost of Cybercrime study estimates that cybercrime costs the financial services industry more than $17 million annually. IoT devices have exponentially increased the number of endpoints, leaving more areas of vulnerability than ever. Implementing UC brings a wealth of benefits to financial firms, but there are potential security vulnerabilities to consider as well. Choosing a provider who understands the threat landscape, and has the tools to address them, is critical to successfully implementing UC.
Security and Compliance Considerations for Unified Communications
Financial firms face security threats from all sides. They’re also being tasked with increased compliance responsibilities, with new regulations calling for stricter data protection protocols. A quality UC vendor for financial institutions needs to address these security concerns including:
- Protection from external threats. Bad actors are infiltrating networks and monitoring employee communication patterns as part of spear phishing High-level employees are frequent targets for these threats.
- Protection from internal threats. Employees may conduct business using open networks or free messaging apps, compromising confidential information. With the increased number of IoT devices and BYOD policies, the potential for compromise is higher than ever.
- Organizational control. To remain in compliance, financial firms must be able to control communication within their organization and ensure those communications are meeting the requirements for privacy and confidentiality. They must be able to easily erase customer data as required by law.
- Automation. Automation is another critical component when it comes to compliance. Financial firms need a UC platform that automates tasks such as data retention. With Sarbanes-Oxley Act requiring firms to keep electronic communications for up to seven years, including emails and instant messages, it’s important to have a tool that can take care of the bulk of this compliance measure for you.
- High-level visibility. Financial firms must be able to control who is accessing their network, ensuring that only authorized users are on the network.
- Secure large-scale communications. UC security needs to address more than one-on-one communications. Conference calls, screen sharing, and group chats all need to be able to be conducted easily and securely, allowing for a free exchange of ideas in a confidential environment.
- Ease of use. With the ever-changing nature of security and compliance, financial firms need UC systems that are intuitive, with a centralized, easy-to-manage dashboard that won’t drain the time and energy of their internal staff.
UC solutions for financial firms should also have robust security measures for mobile data, tools for multi-factor authentication to protect consumer and enterprise data, and secure data centers with threat monitoring tools in place.
In light of these security and compliance concerns, financial firms are turning to Mitel phone systems and UC solutions.
Mitel Solutions: Secure, World-Class Communications
Mitel phone systems are the foundation for the firm’s UC offerings. Mitel facilitates more than two billion connections each day through their phone systems, collaborative tools, and contact center solutions. Their end-to-end security strategy ensures that your data stays secure, even when employees and customers are connecting from less-than-ideal environments.
To ensure security for financial firms, Mitel uses a multi-layered security strategy. Their security tools include:
- End-to-end mobile security with MiStealth. With employees constantly on the go, Mitel ensures that mobile data is secure, even when employees are accessing that data in unlicensed, unregulated environments. MiStealth is Mitel’s software-based security solution. Using advanced cloaking techniques, MiStealth hides your application endpoints from potential bad actors and ensures only authorized users gain access to your application servers. MiStealth protects the entire data path, from your data center to user devices.
- Data retention and deletion. Mitel protects and stores your data according to your policies and procedures, simplifying compliance and providing an audit trail.
- Sensitive data encryption. Mitel stores sensitive data in 2048-bit RSA-encrypted databases, adding another layer of security to your most important data.
- Multi-tenant security protocols. Your data is kept separated and isolated from the data of other Mitel clients, protecting the integrity of your data.
- A dedicated security incident response team. The Mitel Product Security Incident Response Team (PSIRT) evaluates risks using the industry-recognized Common Vulnerability Scoring System. They resolve any high-risk vulnerabilities within 10 days and maintain audit logs of all user activities. The PSIRT discloses confirmed vulnerabilities to clients along with solutions to those vulnerabilities. The Mitel team proactively works with your security personnel to ensure any security threats are mitigated and remediated.
- Tools for compliance. Mitel’s security approach meets Payment Card Industry Data Security Standards (PCI-DSS) requirements, ensuring your firm meets data-at-rest security requirements.
- Disaster recovery protocols. Mitel minimizes potential service disruptions and security vulnerabilities in the event of natural disasters by using geographically dispersed data centers, proxy and parallel servers, and redundant applications with backup services.
3 Steps to Successful Implementation of UC Solutions
With the complexity of today’s business communications, implementing a UC solution is a significant undertaking. For a successful rollout, financial firms would do well to follow three steps:
- Evaluate your communication needs. Would your firm be better served by an on-site, cloud-based, or hybrid solution? Will you manage your UC system in-house or partner with a managed services provider? Do you need more robust video conferencing solutions across your enterprise? Be sure to conduct a thorough review of your existing communications infrastructure to ensure information flows securely and efficiently throughout your organization.
- Develop a strategy. How will your firm integrate and rollout your UC solution? How will you migrate legacy components? Your strategy should also address considerations such as employee training for new UC offerings.
- Work with a trusted partner. Implementing a UC solution requires expertise. DataComm has partnered with Mitel to offer financial institutions safe, secure, world-class UC solutions.
Mitel phone systems are just the beginning. DataComm has a deep understanding of Mitel’s unified communications and collaborative services. We can guide you through every step of the implementation process, ensuring your UC solution meets your business goals and objectives while maintaining the robust security you need. Contact us today to improve the quality and security of your firm’s communications.