Swiss Bankers Upset By Corporate Data Theft

We think of Switzerland and more to the point the Swiss Banking System as secure and very confidential.   In fact, Swiss Banking has becomes a catch-phrase for confidentiality and security.   But then the Wall Street Journal Reports that two former employees of  HSBC Holdings PLC in Switzerland have reportedly sent emails to financial authorities in Germany, the U.K., and France, offering access to data on thousands of the bank’s clients.  This could be construed of some pretty nasty stuff.

Both of the former employees denied any wrongdoing or at least they denied breaking any laws.   There is no evidence that the two former employees attempted to profit from the data.  Okay.  Maybe they were trying to make a point.  The two also claimed to have warned HSBC there were security vulnerabilities in their data storage system.   HSBC claims they never received any warnings.   French authorities raided the house of one of the ex-employees and confiscated the data on the thousands of client accounts.

So this is a bank in Switzerland, where a large portion of the world’s money passes through on a regular basis.    This is where security is supposed assured and buttoned up.  Switzerland.  I think it’s fair to say for most of you reading this, you are not Switzerland.  You have a business and like any other business you have sensitive data and proprietary information.   So if a bank in Switzerland is vulnerable to its former employees helping themselves to client account information, then where are you in the food chain?

Obviously, keep you tech security as tight as possible.  But you also need to know the types of persons you are hiring for the job.   It is essential, therefore, to conduct background checks on an job applicants as part of your pre-employment screening program.   In today’s world, it is crazy not to do so.   While background checks will not guarantee employee theft and their stealing your sensitive data, they go a long way in determining who may be likely to start swiping your confidential information.   Who would be likely to maybe offer it up to the competition or to exchange such information in exchange for a nice raise and gainful employment elsewhere.   Doesn’t  happen?  Think again.

I have written about this before.  Many times.  One such article was entitled, Background Checks on Cyber Security Hires.

Most companies by now are ordering background checks for pre-employment screening.   I would suggest that you expand the types of background searches for a more comprehensive range.   Cutting corners with background checks may be a sure way to cut your own throat.   Consider your hires and how much access they have to sensitive information.   And then check them out before you hire.