For businesses that have to comply with the new MiFID ll regulation, there are significant data storage requirements coming up. If you’re still reading, you’re probably affected. But, how prepared are you?
Take stock of storage
In today’s digital world, more and more business deals are conducted over calls and emails. But, as of 3rd January 2018, the rules are changing – and you’ll be responsible for recording and storing all of those conversations for at least five years (rather than the current six months).
It’s hard to imagine just how much data that will be. However, you can be certain of one thing: you’ll need to make sure your storage can cope with it all. For instance, does it have enough capacity? Are your recordings of a clear sound quality? And, can you accurately reconstruct events – down to the very second they happened – based on those recordings?
If you can’t confidently answer “yes” to these questions, then it’s probably time to think about updating your system – 3rd January 2018 will come around quickly.
Why choose cloud
Today, the natural choice for businesses looking to increase their data storage economically is a cloud-based solution. Why? Well, there are no large upfront costs, no maintenance fees and you have the freedom to upscale or downscale capacity at modest cost.
The alternative solution, of course, is on-premises storage. While it might feel like a more familiar option, it’s worth bearing in mind that on-premises storage is more vulnerable to security viruses, hacking and data loss or damage, as a result of no back-up or emergencies such as fire, flood or other natural disasters. And, when it comes to private company data, they are big risks to take.
So, what should you choose? For 95% of Vodafone Network Mobile Recording customers the top choice is cloud. The cloud-hosted solution is faster, effective and comprehensive. It’s also fully integrated into the Vodafone network which, crucially, means there are no delays to calls reaching handsets.
Vodafone’s solution also uses a universal coordinated time stamp (UTC), guaranteeing you absolute clarity on the details of your recordings. Typically, other providers use third-party applications that are attached to their networks. This creates delays in logging the precise time of the recording, rendering them inaccurate.
In terms of security, Vodafone collects the recordings from its Tier 1 data centres every minute and deletes them from the network, thus ensuring their safety. Your own compliance officers can also move data around the world seamlessly with timed streaming access, and no logistics or security issues to worry about.
It’s time to act
MiFID II is fast approaching and there’s a lot to consider. But, the transition doesn’t have to be stressful. Just request a demo of the Vodafone Network Mobile Recording solution today.
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