- Bank to host programme in its offices as concern grows over Beijing’s cyber security rules
Morgan Stanley has blocked its interns in China from logging on remotely to the bank’s virtual network as foreign companies become increasingly concerned about Beijing’s tough cyber security rules.
China’s cyber security legal regime covers everything from how data are stored to the kind of hardware used and what can be posted online, with stiff penalties meted out to offenders.
The Wall Street bank was basing its interns in China in its offices in the country, where 80 per cent of its staff had returned to work, instead of giving them remote access to work from home, two people familiar with the situation told the Financial Times.
The interns were originally set to do virtual programmes like those at Morgan Stanley’s global peers, they said.
The decision was linked to concerns about China’s cyber security regime, one of the people said, speaking anonymously at a time when multinationals are wary of inflaming already tense relations between China and the west. The potential vulnerability of the bank’s technology system in China was also a worry, the other person added.