For Virgin Islands financial services practitioners, Monday’s Facebook post from the International Consortium of Investigative Journalists offered a jarring reminder of the vulnerability of sensitive financial services data.
“Soon ICIJ will publish an investigation that pulls back the curtain on China’s links to the offshore world,” the group stated, adding that the investigation will focus on information gleaned from 2.5 million files obtained in 2012, which came from two trust companies with VI ties.
The ICIJ’s series on offshore financial centres, titled “Secrecy for Sale,” has been widely credited for denting the VI’s global reputation — not merely because some of the company owners identified were engaged in questionable activities, but because some users of VI-registered companies are now thinking twice about how well their privacy can be safeguarded.
The reality is that trust companies and all firms that handle data are at risk from intrusion, according to Gregory Lemmon of Ubiquity, an information technology consultancy in the VI.
“It’s not a question of if your company will be breached: It’s really a matter of when — and how quickly you’re alerted and respond,” Mr. Lemmon said.
He was speaking at the BVI Business Outlook conference at Scrub Island Resort on Jan. 15, discussing threats to the financial services sector such as cybersecurity.
See the Jan. 23, 2014 edition for full coverage.
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