Barister's Brain
As a regular feature in Quarterly Interest, our advice columnist, Barry Barrister, will answer a legal question the OSBC has received that we think would be of interest to bankers. Even though he's a fictional lawyer (arguably the best kind), Barry has insisted we include the caveat that the advice he dispenses is general in nature, and is not intended as a substitute for obtaining specific legal advice from counsel when necessary.
Dear Barry,
Is there a new state law or regulation that requires state-chartered banks and trust companies to use a secure e-mail product? We have heard that the Office of the State Bank Commissioner is going to start requiring all banks and trust companies to use secure e-mail. If that is the case, when does this requirement go into effect?
- Eager to Encrypt in Emporia
Dear Eager to Encrypt:
There is no new requirement that state banks or trust companies purchase a secure e-mail product. What you may have heard about is that the Office of the State Bank Commissioner has recently purchased an e-mail encryption product from ZixCorp. This product will give the OSBC the ability to encrypt e-mail messages it sends to banks, and also allow banks to send encrypted e-mail to the OSBC. There is no requirement that a bank or trust company purchase any software from ZixCorp or any other particular company in order to send or receive the encrypted e-mail. However, we would suggest that if you are sending sensitive information via e-mail outside of your internal system, you should consider the risks and have a plan in place to address them. The OSBC does not endorse ZixCorp or recommend any particular e-mail encryption service provider to banks. In the next few months, you (and all the entities the OSBC regulates) will be receiving detailed information from the OSBC regarding the procedures for using the OSBC's new encrypted e-mail service. In the meantime, if you have questions, I would suggest that they be directed to Glen Caspers, Director of Information Technology for the OSBC.
Regards,
Barry
