Box who floated last month at a price of just over $23 - and is now languishing at a somewhat lower $19, although to be fair this is still more than the $13 they predicted – last year decided on a policy of supporting sector based solutions, and working with businesses in those sectors on developing solutions. The business are gradually picking off the low hanging fruit when it comes to sectors and this quarter it’s the turn of financial services where they have worked with Bloomberg Vault, Capgemini and e-SignLive by Silanis to produce a product aimed directly at the wallets of the city.
The new solution is aimed at helping the city businesses to secure the sharing of sensitive data for some of the largest banks, insurance companies, and investment and advisory firms. As co-founder of Box Aaron Levie explains, “Because of the highly sensitive nature of the data it deals with and the strict compliance standards it’s held to, the Financial Services industry has been slow to embrace cloud and mobile technologies.” Continuing. “However, leading firms are recognizing that mature cloud platforms not only offer agility and productivity, but also an opportunity for better security and visibility around their most valuable content. With Box for Financial Services, we’re making sure security and compliance concerns are no longer hurdles to information sharing and collaboration.”
New customers signed up with the launch of Box for Financial Services, include KKR & Co, Sierra Pacific Mortgage and First American Equipment Finance.
Box also unveiled several new product enhancements to help financial services firms securely collaborate on sensitive data: retention management, watermarking and Box Enterprise Key Management (EKM). The company also announced that it is working toward supporting FINRA compliance for customers on its platform.
Box also introduced the beta of its retention management product, which enables organizations to comply with record retention requirements set by financial regulators by securing the creation and modification of documents. Retention management provides:
- Full visibility: Create and store financial documents or scan documents and attach metadata tags to specific types of data for easy retrieval and lookup.
- Adjustable periods: Set retention policies that are enforceable and fix retention periods to govern how long documents are retained in Box.
- File-level retention: If a file leaves a folder with a data retention schedule, the schedule will follow the file.
Additionally Box has also added a watermarking tool allows financial services firms to mitigate risk and discourage data leaks, as well as maintain the ability to track a leak when it occurs.
With watermarking on Box:
- Prospective investors can view financial documents as collaborators in a folder with each page of the document marked with an identifier for that user.
- An anonymous user will see their IP address on every page of the document they are viewing and receive a notice that the file is confidential.
- If a leak occurs as a result of a user taking screenshots of a document, an enterprise will be able to determine who's account and IP address was viewing the leaked document when the screenshots occurred.
Additionally box has moved into beta, Box Enterprise Key Management (EKM), which enables businesses to encrypt data without sacrificing the ease of use and collaboration features of the Box platform.
Retention Management and Box EKM are available in beta today and will be generally available spring 2015. Watermarking and FINRA compliance will be available spring 2015.