3 reasons why you need to encrypt recorded phone calls
Most companies record calls and use call recording solutions. Whether it is for compliance, quality control or training, there are millions of calls recorded daily. North America holds the largest market share of voice call monitoring and recording in terms of both revenue and volume, this is becoming easier to do with advances in cloud call recording and storage software. However, there are some risks with recording phone calls and their subsequent storage and many reasons why you need to encrypt them.
Enterprise technology and security go hand in hand. The amount of high profile hacks and phishing have cost business worldwide billions in lost revenue. The most common targets are employees’ emails, text messages and phone calls.
As technology becomes more sophisticated so does the means by which hackers and phishing attacks occur. More and more attempts are happening daily, with one occurring every 39 seconds and over 300,000 new malware being created everyday.
The bottom line is – if you record calls, you need to encrypt them. Unfortunately, not all call-recording systems encrypt stored data, leaving you and customers at risk.
Why you need to encrypt your recorded calls
Protect your company and your customers from hacks
As I stated previously, there are thousands of attacks daily and cost billions every year and is one of the top concerns for businesses worldwide. Protecting your intellectual property and your customers’ data should be of the upmost importance no matter what type of industry you are in. Many customer transactions occur through phone calls and if left unprotected, sensitive data can be obtained by hackers. Up until March 2019 over 14 billion data records had been lost or stolen and only 4% of these breaches were encrypted, i.e. protected and rendered useless to the hackers. Taking a proactive approach to encryption of all data stored, not just calls, is vital for all business as the cost of reacting post breach is too high both in monetary terms, brand image and customer trust.
Compliance with CCPA and other regulations
There are more and more stringent recordkeeping and data protection regulations being implemented such as CCPA, NARA, FINRA, and MiFId II. Call recording software helps companies comply with these regulations and avoid hefty fines and penalties, which can exceed millions of dollars. Under the new CCPA regulation, encryption requirements are clearly outlined. If you do not encrypt sensitive data, and lose it, you are not complying with CCPA. Not encrypting is evidence that you violated your duty to provide reasonable security procedures and practices to protect sensitive information. The cost of breaches in 2020 is predicted to reach $150 million, so it is crucial to encrypt any data you possess; phone calls, emails and text messages etc. There is little dopubt that in the coming months and years more states will be introducing regulations similar to CCPA, some such as New York have already drafting their own version.
Transparency and traceability
Transparency and traceability were included in Gartner’s 2020 technology trends. New technology has created a trust crisis with consumers. Customers are becoming more aware about how their data is being stored, so businesses need to ensure that they are being transparent and listening to customers. By being transparent with customers and letting them know you take their privacy and trust seriously by encrypting their phone calls, emails and data, you will have happier clients, raise your NPS score and have a higher retention .
Are companies struggling to encrypt recorded calls?
In short- yes. Many businesses are struggling to find suitable solutions for call recording and encryption. Finding a solution that records mobile phones and integrates with other communication methods is proving difficult. There are many solutions that can do one or the other. However, very few that can record everything AND have access to them all in one place.
That’s where Recordia comes in. Recordia is a disruptive call recording solution that captures, records encrypted and securely stores not only landlines but mobiles, emails, social media and more, and lets you easily access them through an easy to use interface.