BlackRock, the world’s largest asset management firm, has introduced new restrictions for employees traveling to China. Starting July 16, BlackRock has prohibited staff from bringing or using company-issued devices like laptops, iPhones, or iPads during their visits to China. Instead, they must use temporary “loaner” phones while in the country.
Bloomberg News reviewed an internal document that revealed the decision. BlackRock described this change as a “policy enhancement,” rather than a brand-new rule. However, the update reflects the company’s growing concern over protecting sensitive data and ensuring compliance with Chinese regulations, especially at a time when international businesses are facing increased scrutiny in China.
The updated policy also bans the use of remote access tools, including company laptops or VPN connections, while in China. BlackRock has instructed employees not to connect to internal systems while traveling in the region, aiming to reduce the risk of unauthorized data access, surveillance, or hacking attempts.
This move places BlackRock alongside other global firms that are tightening internal travel and technology policies due to rising tensions and concerns about digital surveillance in China. Several companies have already taken similar steps, as they try to balance business operations with employee safety and regulatory compliance.
Firms respond to rising regulatory risks with tighter data protection and travel protocols.
The timing of BlackRock’s policy shift also coincides with recent incidents involving foreign nationals in China. The U.S. State Department recently reported a case where an American government employee, working with the U.S. Patent and Trademark Office, was unable to leave China for several months due to local travel restrictions. The incident raised alarms in the U.S. and prompted government officials to step in and seek a resolution.
Other companies have taken note. For example, Wells Fargo & Co. has reportedly scaled back certain operations in China and adjusted internal policies to reduce potential risks to staff and company data.
In light of these developments, BlackRock’s new policy aims to protect its assets and staff while maintaining transparency and compliance with Chinese laws. The firm has made it clear that failure to follow these guidelines could lead to serious consequences for employees, emphasizing the importance of full cooperation with the updated travel protocols.
This change is part of a broader trend across global corporations, where companies are reassessing how they handle international travel, data protection, and regulatory compliance. With governments enforcing stricter rules, especially around cybersecurity and data sharing, multinational firms like BlackRock must remain agile and alert.
In summary, BlackRock’s decision reflects its commitment to protecting sensitive company data and ensuring employee safety in challenging international environments. By enforcing stricter rules, the firm hopes to prevent any data leaks or legal issues while continuing to operate responsibly in global markets like China.
Also read: https://news.concur.live/it-ministry-receives-nearly-7000-comments-on-draft-data-protection-rules/
