Cyber Security is a growing concern for businesses and is at the forefront of debates at the World Economic Forum in Davos currently taking place in Switzerland. Individuals from financial institutions across the World are increasingly becoming concerned with the lack of legal structure about the internet space.
Currently, the laws surrounding the internet demonstrate an inability to pin down cyber attackers if they strike. Financiers are calling on their Governments to lead the support to ensure cyber criminals are bought to justice. It is also a concern about the little legal framework that surrounds financial institutions as there is a lack of it. Banks and financial intuitions have to abide by rules that obstruct them from using their common sense when a hacker strikers. Action could be taken to simply remove servers to restrict hackers from gaining access into the systems and stop those extracting data.
An example of a breach in system is the theft from JP Morgan Chase where 75 million household’s data was stolen last year. The bank’s Head of Technology said that in that case lenders should be given free rein to protect themselves aggressively: “The idea that we would be punished for going out and finding the command and control servers [of people trying to launch denial of service attacks on bank websites] and immobilising them . . . That should be well within our rights.”
Wellesley & Co. are highly aware of the sensitive and important data that they hold, their website is secure and a high level of security is required at all-times both online and offline to access accounts. When an investor logs onto their account, they are directly taken to a secure site in which they can only access if they provide the correct information. Like other financial institutions, web-based security is at the forefront of Wellesley’s business vision and customer service and the company will always enforce necessary precautions.
Results from strong debates in Davos could see further action taken and the introduction of laws and regulations to protect the finance industry and their customers.