The Wall Street Journal reports that eight of the country’s largest banks are joining forces to combat the ever-present threat of cyber crime — and whistleblowers are playing important roles in these efforts.
The group of banks includes Bank of America, Wells Fargo, Goldman Sachs and J.P. Morgan Chase. They are reportedly collaborating to share more information on potential threats, develop response plans and conduct “war games” to prepare for the most pressing cybersecurity issues facing the institutions.
These ramped-up efforts go above and beyond the recent implementation of the Cybersecurity Information Sharing Act, a federal law that’s supposed to make it easier for private firms to share cyber threat-related information with the U.S. government. However, some of the nation’s largest banks have expressed concerns that these measures only add more red tape to information sharing they are already conducting on their own — as it is in their best interests to work together to combat cybersecurity vulnerabilities.
Banking executives are also worried about how information sharing with the federal government will open up their firms to legal liability. Although the new law gives institutions liability protection when they share cyber threat information, bank officials are concerned that disclosing information could leave them vulnerable to lawsuits from their shareholders.
These efforts provide some opportunities and incentives for whistleblowers to come forward within their organizations to bring to light potential cybersecurity vulnerabilities. In fact, individuals who do provide valuable information may not only be protecting their own companies, but also the entire banking industry.
If you would like to learn more about your legal rights and protections when serving as a whistleblower, including during internal corporate investigations, meet with a skilled Dallas attorney at Whistleblower Law for Managers.