A global database of bank customer information presents the biggest cyber security risk to the financial sector’s safety and could be open to attacks from rogue states and criminals, according to a former GCHQ insider.
The world’s biggest banks are collaborating on a massive repository of customer information put together to share data, in an attempt to prevent themselves from doing business with sanctioned companies and organisations.
The database, known as Clarient Global and majority-owned by the New York-based Depository and Clearing Trust Corporation, is being created partly in response to a series of fines levied on big banks for failing to spot transactions with suspicious entities. It will act as a turbocharged dossier of institutional clients, intended to ensure banks know who they are dealing with, and shareholders in the project include Barclays, JP Morgan and Goldman Sachs.
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