GCHQ head hired as cybersecurity advisor for StanChart

Iain Lobban

Sir Iain Lobban has been appointed as a senior advisor for Standard Chartered’s new financial crime committee in order to help strengthen their cyber defences.

StanChart have stated that Lobban has been passionate about cybersecurity this past year and will be dealing with anti-money laundering, sanctions compliance and prevention of corruption for the bank.

StanChart’s decision to appoint an experienced security professional is a good move for the bank, as financial institutions are increasingly being targeted by criminals trying to steal money or client data.

From 2008 to late 2014, Lobban was the director for Britain’s security and intelligence gathering agency, Government Communications Headquarters (GCHQ) and will work on a two-year renewable term for the bank.

StanChart’s financial crime committee was announced in December as part of the bank’s attempt to combat financial crime and improve compliance to regulations. The committee was also announced a day after the US authorities extended monitoring of the bank until the end of 2017, which follows a US$667 million fine they received in 2012 over violations related to US sanctions on Iran and other countries.

It was also announced by Aberdeen Asset Management this week that the StanChart headquarters will move from London to Singapore to save millions in taxes because it doesn’t have a banking network in the UK.

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