Email: the most prolific and yet uncontrolled application in the enterprise
Boston, MA and New York, NY - September 06, 2006

Despite the highly regulated nature of e-mail within the financial services industry, a recent survey of more than 500 securities companies found that 64% of respondents do not have a way to prevent e-mails that are in violation of their corporate standards or policies. Given this lack of control, it is not surprising that meeting regulatory pressures was the top concern for majority of respondents (67%) when asked about challenges for 2007.

For securities firms, e-mail is a highly regulated form of business communication and e-mail archives are often checked by regulators including the SEC, NYSE and NASD for regulatory offences. And despite regulatory requirements for archiving email, nearly 12% of respondents admitted they have no formal system for doing so.

In addition, a fifth (20%) of respondents were not confident they could meet the deadlines for responding to regulatory subpoenas or requests for electronic records despite the fact that 95% of the respondents had received requests for electronic records from regulators or internal HR/legal representatives within the past year. One of the reasons that these firms have difficulty responding to regulatory requests for e-records could be that 62% do not have a way to efficiently identify and search for different types of e-mail within their archives.

"In as heavily a regulated industry as financial services, these findings are surprising," said Bo Manning, chief executive officer of Orchestria. "Maintaining regulatory controls that satisfy corporate standards and practices is critical. E-mail is the most widely-used business application today and is inherently open to abuse. Yet it has few, if any, controls. This creates enormous risk for every enterprise - especially those as highly regulated as securities firms."

"Clearly, these firms understand the importance of e-mail archiving and supervision compliance," said John Clancy, executive vice president of Iron Mountain's technology business unit. "But a surprisingly large number of firms have yet to adopt systems that enforce compliance. In reality, this type of investment can help reduce both the risks and costs associated with compliance."

The survey was conducted in late July 2006 and commissioned by technology partners Iron Mountain, a leader in outsourced e-mail archiving services and Orchestria, a global leader in software that helps organizations ensure their employees comply with all critical regulatory and company policies associated with electronic communication. The survey asked respondents about their e-mail management and archiving practices and plans.

Iron Mountain and Orchestria offer a joint solution that provides securities firms and other organizations a cost-effective way to meet corporate and regulatory compliance for e-mail archiving and supervision. The solution combines Orchestria's real-time active policy management software with Iron Mountain's Digital Archives, an outsourced electronic records management service for secure, legally compliant and cost-effective archiving of electronic records such as e-mail and instant messages.

Orchestria's solution analyzes employee e-mails, instant message conversations, Web activity and blog entries for evidence of non-compliance with regulatory and company policy. It can prevent both internal and external messages in breach of policy by alerting the user before the message is sent in real-time, and, if configured to do so, can also send a copy of any suspicious message to the organization's compliance department or human resources department for further review.

For a full copy of the survey contact Heather Lynch at Prompt Communications: hlynch@prompt-communications.com / telephone: +1 617 576 5763

About the Survey
In July 2006 SourceMedia conducted a web-based survey to a sample of more than 25,000 customers. A target list of prospects supplied by Orchestria was also surveyed. The goal was to examine the current state of e-mail archiving practices in global securities companies. Orchestria, in partnership with Iron Mountain, funded the survey. There were 533 respondents.

About Iron Mountain
www.ironmountain.com
Iron Mountain Incorporated (NYSE:IRM) helps organizations around the world reduce the costs and risks associated with information protection and storage. The Company offers comprehensive records management, data protection, and information destruction solutions along with the expertise and experience to address complex information challenges such as rising storage costs, litigation, regulatory compliance and disaster recovery. Founded in 1951, Iron Mountain is a trusted partner to more than 90,000 corporate clients throughout North America, Europe, Latin America and the Pacific Rim.

About Orchestria
Orchestria enables companies to control their electronic communication to defend against confidential data leakage, enforce regulatory compliance, protect intellectual property, adhere to critical financial and legal controls, and ensure appropriate employee behavior.

Orchestria adds controls to the use of electronic communication such as e-mail, instant messages, web transactions and mobile devices and is used by Fortune 500 companies to implement and maintain good messaging governance. It is relied on by 90 customers in 33 countries including organizations such as Goldman Sachs, Merrill Lynch and St. Paul Travelers, which require the speed and flexibility of e-mail and other forms of electronic communication without exposing themselves to the risks inherent in these uncontrolled interactions.

Orchestria's approach works in real-time and is unique in its ability to analyze all common electronic communication channels to determine their context and content with unparalleled accuracy and to discern the user's intent. It prevents inappropriate communication from ever being sent ensuring they are not archived for later discovery. Orchestria also guides and advises end-users while preserving workflow. It is integrated with leading archive vendors including Symantec, ZANTAZ, IBM and Iron Mountain Digital.

The company was founded in 2000 and is headquartered in New York. More details can be found at www.orchestria.com.

For more information:
Stephanie Powers
Orchestria
+1 212-402-3336
stephanie.powers@orchestria.com

RSS Feed for Orchestria Press Releases