In Case You Missed It (May 19 – May 26, 2008)

News stories from the week of May 19, 2008 that piqued our interest:

Beware Instant Messaging: E-discovery Leaves Nowhere to Hide

Financial Times, May 19, 2008

As a highly regulated and sensitive industry, financial institutions have a unique set of challenges and we’ve had the chance to work with several of them to determine the best way to archive and protect electronic information. According to this post, many banks are now tapping into the idea of “spy software” that monitors instant message conversations and powerful computers that can read other people’s emails and eavesdrop on telephone conversations.

“The software that enables the recording and monitoring of employee activity can help companies collect huge amounts of internal information - which they may increasingly need in the face of lawsuits spawned by the subprime crisis, or to meet rising regulatory demands,” the report adds.

Financial institutions are still left asking questions about when to begin retaining information and at what point in time, if any, can the backup tapes be recycled? These questions, along with countless others, are causing industries to invent new ways of monitoring employees and their actions. We here at Surety think this is a good consequence, forcing us to keep up with the changing trends as communication evolves everyday. If you’re interested in more information on IM preservation and authentication, be sure to check out this Metropolitan Corporate Counsel article from Vedder Price partner Tim Carroll.

Improve Your Practice With Technology

The Legal Intelligencer, May 22, 2008

This article argues that attorneys regularly counsel clients on changes they can make to minimize legal risk and provide increased value but those same attorneys don’t often practice what they preach. We couldn’t agree more and are happy to see the author articulate what attorneys need for effective technology planning. According to the article, the five components to a successful technology plan for a law firm are:

• Don't cut corners.
• Emphasize systems security.
• Acknowledge the need to reduce your use of and reliance on paper.
• Focus on legal-specific solutions.
• Engage your staff in every aspect of the process.

The author summarizes, “do not become one of the stories your technology staff or consultants tell about how if the attorneys had just listened, they would have avoided a far more expensive and time-consuming crisis. By using technology, and not trying to do it for "free," your firm's future and its bottom line will almost certainly improve.”

This point is one that we have been making for a while now and we are happy to see others taking the initiative to help educate legal professionals. Technology need not be scary or burdensome and taking the time to research and deploy proper solutions – from archiving and storage to firewalls and digital time-stamping – will save everyone time, money and their reputation in the long run.

Is Storage Recession-Proof?

Enterprise Storage Forum, May 23, 2008

Despite the slowing economy and strapped financial budgets most of us are experiencing, the IT storage industry remains strong. While this may be attributed to unique reasons for each company, the combination of data growth and strict e-discovery regulations probably play a major role in its popularity.

"Storage is less discretionary because of the rapid growth of data," said Jayson Noland, senior analyst for computer hardware and storage at Robert W. Baird & Co. "In many cases, a business is unable to delay the purchase of additional storage."

While everyone is feeling the effects of slashed budgets, it’s good to know that some priorities have been left in place. It’s important to think ahead and invest in security measures when able. Failing to properly store your data can lead to monetary problems down the road, a costly consequence that otherwise could have been avoided.

Posted by Jennifer on May 27, 2008 at 11:46 AM
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