Regional Bank Cloud & Digital Transformation Faxing Success Story

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Regional Bank Success Story

Maintaining Information Security with a Cloud Solution

BACKGROUND

Our client is an established regional bank that provides commercial banking and investment services from its 29 branches throughout a major metropolitan area. As part of the bank’s daily business, there is a significant exchange of financial information—on average 4,000 inbound and 4,000 outbound fax pages each month—that needs to be secure in transit. The bank’s IT department was looking for hosted fax services after questioning the operating costs and staff time required for its fax server. The server provided the convenience of faxing from employee desktops, but the capital expense and operating costs for software maintenance and upgrades drove our client to inquire about eFax Corporate services. With headquarters in a southern coastal location that experiences significant natural disasters, the bank was also concerned that a disaster-recovery plan was not in place, having just one server in use. This led the bank to evaluate a cloud-based fax service that features redundancy and survivability as inherent components of the platform—not optional features that cost more. The bank’s stakeholders liked the concept of not maintaining a physical server on the premises, but were cautious about the security of cloud faxing services because of the rigorous security standards required within the banking industry.

SOX

Sarbanes-Oxley Compliance
Requires strong document retention and auditability controls.

GLBA

Gramm-Leach-Bliley Act
The Safeguards Rule requires financial institutions to have reasonable procedures to ensure the security of personally identifiable information (PII).¹

As a financial services provider, your business is impacted by two of the strictest federal regulations on record: the Sarbanes-Oxley Act (establishing disclosure rules for internal controls, ethics codes and financial reporting) and the Gramm-Leach-Bliley Act (establishing mandatory controls for data integrity and security). Correctly implementing faxing into your organization to provide secure, real-time electronic delivery of financial data is crucial to complying with these mandates.

eFax Corporate^® provides the cloud faxing solutions for financial institutions that your business needs to close security gaps while providing the scalability and reliability business has come to demand. When you partner with eFax Corporate (part of Consensus) for your cloud faxing needs, you’ll have peace of mind in knowing that our technology procedures and policies encompass all of the best practices and security controls of the ISO 27002 standards and will help keep your business fax processes complaint with SOX and GLBA.

$100,000

Amount that a financial institution can be fined for each violation of Gramm-Leach-Bliley.²

Are you secure...?

TLS encryption provides enhanced security for your most sensitive document fax transmissions.

Are you sure...?

Do your fax processes comply with Sarbanes-Oxley regulations regarding audit and records-retention?

How eFax Corporate helps you achieve regulatory standards

Many transactions of financial institutions involve the collection of their clients’ highly sensitive Personally Identifiable Information or PII – such as Social Security Numbers, birth dates and credit histories. Both GLB and SOX set strict guidelines for organizations providing financial products and services to consumers that require strong safeguards of records and information. For the most sensitive data or documents containing PII, eFax Corporate, complemented with eFax Secure™ 3, transmits faxes securely via encrypted email. We then securely store those faxes in the cloud — where they remain encrypted and protected with AES 256-bit encryption — thereby ensuring we do our part in helping your business meet the tough data security and retention demands of both GLB and SOX.