The need for a plan to manage electronic data means understanding the broad compliance issues, government mandates and e-discovery requirements a financial institution faces. Financial institutions need to anticipate that even the best secured systems are still vulnerable to hacking. The new amendments to the Federal Rules of Civil Procedure (FRCP) became effective on December 1, 2006, more than one in five companies had electronic communications subpoenaed during the course of litigation or a government investigation in 2004. The FRCP has been expressly amended to avoid any question as to what electronically stored information (ESI) is defined.”]
Source: https://www.cuinfosecurity.com/plan-to-manage-electronic-data-now-a-553