8 Reasons Team Collaboration Tools Have Completely Changed eDiscovery

The sudden mass transition to remote work in 2020 catalyzed an unprecedented reliance on team collaboration platforms like Microsoft Teams, Slack, and Workplace by Meta. Years later, we’re still grappling with this vast, complex new universe of electronically stored information (ESI) and what it means for eDiscovery.

Electronically stored information (ESI) refers to “any type of information that is created, used, and stored in digital form and accessible by digital means.”

If you have been exploring new ways for your teams to collaborate, chances are Slack feels like a strong contender. With Slack, communication becomes centralized, flowing much more intuitively than it tends to over email. You can share files, start video calls, leverage automation, and set reminders for yourself or others.

One of the reasons Slack saw such widespread adoption, especially early on, was the fact that companies could use it for free. Like many SaaS tools, Slack operated on a “freemium” model, meaning organizations could use it for free, and then upgrade as their needs grew.

Convenient, cheap to use, and a part of everyday life for many of us, it’s no wonder that WhatsApp has found its way into the communication culture of many modern enterprises. While WhatsApp undoubtedly provides a handy and intuitive messaging channel, its use undeniably constitutes part of business records. This means your enterprise is responsible for appropriate preservation – and depending on how heavily regulated and litigated your industry is, lack of accurate recordkeeping can have serious legal repercussions.

Both the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) lay out strict communication and recordkeeping regulations for investment firms and other financial institutions. These rules encompass almost everything, from the recording of investment activities, to how client data should be kept safe, and even the acceptable use of social media.

A good litigation readiness and eDiscovery strategy, like a good football strategy, is a combination of solid defense and clever offense. If you ignore either one, your ability to win will be compromised.

Americans send an average of 26 billion text messages every single day—with the average person sending 15 texts per day.

Is there a difference between data retention and data preservation? The terms retention and preservation are often treated as synonyms in day-to-day language but they aren’t the same thing.

Slack surpassed the 12 million user mark in 2020, with new accounts surging as more companies embrace remote work. The platform is one of the top business communication apps for industries across the board, including the heavily-regulated financial sector. This guide will explore the benefits and challenges of Slack as a tool for digital collaboration in banking and financial services.