Finance & Banking

Financial institutions and healthcare organizations operate under federal legal requirements for data retention, historical tracking, and data recovery. US and European legal requirements for data retention are voluminous and evolving. A decade ago, only paper or microfiche was considered a safe backup medium by the SEC. This restriction was lifted in 2003 to include various forms of electronic media. These regulations are mandatory and include heavy penalties for violations.

Since the utility is directly linked to Computing services for reporting purposes, SEC compliance will extend its influence on IT departments dealing with electronic records.