Raising Our Game: Cyber Security in an Age of Digital Transformation

Editor’s Note: Also read FBI Director: Apple, Google Acting ‘Above The Law’ By Locking Users’ Phones and FBI Director Comey’s Remarks as Delivered.

From: FBI

Christopher Wray, Director, Federal Bureau of Investigation

Fordham University – FBI International Conference on Cyber Security,New York City, New York

January 9, 2018

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Let me share just one example of how we might strike this balance. Some of you might know about the chat and messaging platform called Symphony, used by a group of major banks. It was marketed as offering “guaranteed data deletion,” among other things. That didn’t sit too well with the regulator for four of these banks, the New York State Department of Financial Services. DFS was concerned that this feature could be used to hamper regulatory investigations on Wall Street.

In response to those concerns, the four banks reached an agreement with the Department to help ensure responsible use of Symphony. They agreed to keep a copy of all e-communications sent to or from them through Symphony for seven years. The banks also agreed to store duplicate copies of the decryption keys for their messages with independent custodians who aren’t controlled by the banks. So the data in Symphony was still secure and encrypted—but also accessible to regulators, so they could do their jobs.

Read Complete Remarks

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