Standard Chartered hires former GCHQ head to bolster cyber security

Standard Chartered bank has hired the former head of UK spying centre GCHQ to help head up its cyber security efforts.

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The Asia-facing bank has appointed Sir Iain Lobban, former director of GCHQ, as a member of and senior advisor to its Board Financial Crime Risk Committee.

Sir Iain was director of GCHQ from mid-2008 to late 2014, having previously served as director-general of operations from 2004.

Cyber-security had been at the heart of Sir Iain’s role in recent years, with him being involved in setting up international partnerships and working with the private sector and academia. As the director of GCHQ he attended weekly UK National Security Council meetings and was a member of the Joint Intelligence Committee.

Sir Iain’s appointment to the Standard Chartered Committee is for a two-year renewable term. Sir John Peace, chairman of Standard Chartered, said: “We are very proud to welcome Sir Iain to Standard Chartered. He has served the UK government and the international intelligence community with great distinction for many years, and we look forward to having the benefit of his extensive experience as we advance our financial crime-fighting efforts.”

In 2012, the bank was fined almost $700 million by the US government for breaking financial sanctions against Iran and other countries. That led to Standard Chartered putting more effort into financial risk and compliance.

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