Major international bank Standard Chartered bans Zoom, will other financial entities follow suit?

After several incidents concerning the video-conferencing app Zoom, the saga of companies banning its use by employees is continuing. Reuters now reports that UK-based international bank Standard Chartered has now ordered employees to avoid Zoom, as well as Google Hangouts, for video conferencing.

A memo was published in regards to the topic, advising bank employees to refrain from using the app. Additionally, a bank spokesperson said that cybersecurity is a top priority and the staff has several authorized tools for audio and video conferencing.

At the moment, SpaceX and Tesla have banned Zoom, as well as NYC public schools, and governments in Taiwan and Germany have also restricted the app’s use. Additionally, a shareholder of the company has filed a lawsuit against it with accusations of fraud and withholding of information.

However, there are a lot of entities that still use the app for video conferencing. Especially for banks, cybersecurity is a very important aspect of a tech system, as they have to assure impeccable security for their employees and customers.

Reuters additionally reported that JPMorgan Chase & Co employees are still allowed to hold meetings on Zoom, along with another mobile conferencing app called BlueJeans. Some Goldman Sachs Group employees are using Zoom for gatherings after work with colleagues in current lockdown times and are still allowed to use it.

The Financial Industry Regulatory Authority (FINRA), an American self-regulatory organization that is responsible for regulating brokerage firms and stock exchange, has reportedly performed several security checks on the app, worked through some issues and is still using it at the moment.