BlackRock, the largest asset management firm in the world, has announced new restrictions for its employees regarding the use of corporate devices when traveling to China.
Device Use Restrictions
As of July 16, BlackRock prohibits its employees from taking company-issued laptops, iPhones, and iPads on trips to China. Instead, workers must use temporary loaner phones. Access to BlackRock's corporate network via VPN or other means will also be barred within the country.
Reasons for Policy Changes
BlackRock cites security threats, including instances where Chinese authorities have confiscated and searched foreign electronic devices without warrants. Sources report that the company is responding to national security concerns related to vulnerabilities for data on foreign devices.
Context and Implications
These restrictions come amid increasing distrust of Chinese technology and firms operating in the field. Other companies, such as Wells Fargo, are also implementing similar measures in light of recent incidents involving the detention of employees in China. For BlackRock, these restrictions may complicate the management of assets and partnerships in China, which are vital to their business model.
Thus, BlackRock's new measures reflect growing concerns about data security on the international stage, which may further impact the operations of foreign companies.
