Search Site
Menu
Whistleblowers Could Play an Important Role as Major Banks Work to Combat Cyber Threats

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.

A shared interest in cybersecurity

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.

Honors
Our Office
  • Dallas Office
    4514 Cole Ave
    #600
    Dallas, Texas 75205
    Phone: 214-306-8045
    Fax: 469-729-9926
Testimonials
  • "Steve Kardell was terrific in representing me in some very adversarial discussions with Citigroup and also later represented me in my testimony before the Financial Crisis Inquiry Commission."  -Richard Bowen, Citigroup Whistleblower

  • "Never thought my career would end like it did after 30 years of service. I was part of the first round of the so called reduction of force. I asked myself how can I be part of this with 30 years of seniority. How did they pick these 90 plus employees? Now, the culture of this organization made you question every decision they made. It wasn’t what you knew it’s was a culture of who you know. Nonetheless, I did not accept their severance package. I immediately starting looking for an attorney who would take on my case. After the initial call to Steve I had hope again. He was open and honest about everything and reassured me he would do his best for me, and he did. I had an awesome outcome. Thanks Steve you’re the best."  -S.S.

  • "Reaching out to Steve Kardell was the best decision I made. His ability to provide immediate insight and direction was very powerful, and a huge relief during a very stressful time period. For anyone struggling with a whistleblower situation, I would highly recommend at least speaking with Steve. After a 10 minute call with him, I had a better understanding of what I was dealing with. Even better, he gave me some immediate hope. In the end Steve did a better job than I thought was possible. Steve was able to get in contact with people in my organization, that I didn’t have access to. Because of his years of experience, he already has contacts in many organizations in Dallas. The entire situation was handled peacefully. I was impressed by his ability to “keep the peace”–rather than creating a battle with the organization. The reason I didn’t reach out to a lawyer initially, was because I thought it would mean an immediate end to any hope of a positive relationship with the company. Steve was able to address my concerns, and in the end I was able to continue to work for them."  -KS

FOLLOW US
Facebook Twitter Linkedin RSS Feed JD Supra