Skip to content
City PM
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
Sunday 17 September 2023 7:57 pm  |  Updated:  Sunday 17 September 2023 10:05 pm

Proton boss: UK banks won’t function if encryption disappears

By: Jess Jones

TMT Reporter

Add as a preferred source on Google
The issue of encryption has become a pressing conundrum for both tech companies and lawmakers involved in the UK's Online Safety Bill.
The issue of encryption has become a pressing conundrum for both tech companies and lawmakers involved in the UK's Online Safety Bill. (Getty Images)

The issue of encryption has become a pressing conundrum for both tech companies and lawmakers involved in the UK’s Online Safety Bill in recent months.

Now at least they agree that there is currently no viable technology to access messages without compromising user privacy.

Encryption is a crucial way of turning messages into an unreadable format to ensure that only the intended recipient can read them.

Andy Yen, the founder and chief executive of Proton, an encrypted mail service, emphasised the critical nature of encryption.

“Even if you create an island of non-encryption, I’m not sure that’s the island you want to be on, because it’s much less secure and much less private,” he said, speaking to City PM

He pointed out the immense technical challenges involved in outlawing encryption on a global scale.

“You can comply with legislation but you may still be in breach of company policy or specific regulations,” said Yen. 

Take, for example, a multinational bank that requires end-to-end encryption for all customer data. 

Read more

Ohmium and Hynfra Sign Master Cooperation Agreement to Advance Large-Scale Green Hydrogen Projects in the Middle East and Africa

“The UK office [of such a bank] wouldn’t be able to function unless using existing encryption messaging applications,” he explained.

Tech companies, including Whatsapp, Signal and Proton, have openly stated their intent to leave the UK rather than follow the encryption regulations proposed by the Online Safety Bill (OSB).

“It’s not a bluff,” said Yen, who firmly believes there are greater societal concerns at stake. 

While preserving encryption may allow some criminal activity, Yen argues that the alternative – “full surveillance” – is far less desirable.

Drawing parallels, Yen recounted an encounter with Russia’s Roskomnadzor, a counterpart to Ofcom, which approached Proton years ago with demands that had “chilling similarities” to the OSB.

“We of course could not bring ourselves to comply with this law and breach the fundamental trust of our users.”

A government spokesperson said: “Our stance on tackling child sexual abuse online remains firm, and we have always been clear that the Bill takes a measured, evidence-based approach to doing so.

“As has always been the case, as a last resort, on a case-by-case basis and only when stringent privacy safeguards have been met, it will enable Ofcom to direct companies to either use, or make best efforts to develop or source, technology to identify and remove illegal child sexual abuse content – which we know can be developed.”

Read more

Frost & Sullivan 2026 Technology Innovation Leadership Best Practices Recognition for Ohmium International

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Politics
  • Tech

Related Topics

  • Data protection

Trending Articles

  • Revealed: Secret Treasury plan to tax State Pension before it is paid out

  • Two solicitors linked to Post Office scandal charged with misconduct

  • Burnham’s new chief of staff ran City firm advising Thames Water and rival Heathrow bidder

  • Barclays and Lloyds join banking sector plan for digital ID

  • Reeves’ new tax charge on cash ISAs faces fierce industry backlash

More from City PM

  • Ohmium and Hynfra Sign Master Cooperation Agreement to Advance Large-Scale Green Hydrogen Projects in the Middle East and Africa

    Business Wire
  • Frost & Sullivan 2026 Technology Innovation Leadership Best Practices Recognition for Ohmium International

    Business Wire
  • Professional services firms the ‘flavour of the month’ for cyberattacks

    Prof Services
    The ICO said it initially planned to fine Capita a total of £45m, but this was later reduced by “mitigating factors”
  • As it happened: Stocks jitter on stalling US-Iran talks; OECD unemployment warning

    Markets
    Donald Trump raising his fist in a confident gesture during a public appearance, symbolizing determination and leadership
  • Lattice to Showcase Industry-Leading FPGA Innovations at FPGA Conference Europe 2026

    Business Wire
  • Parimatch Sign Up Offer – Get £20 in Free Bets Parimatch Bonus

    Betting
    Parimatch sign up offer promotion with welcome bonus details displayed on a digital sportsbook interface
  • Betfred World Cup Offer 2026: England in White at 66/1 – Bet £1, Get Up to £66 in Free Bets

    Betting
    Betfred World Cup 2026 promotional offer highlights with official branding and football-themed graphics

City PM — European politics, business and analysis.

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Topics

  • Business
  • Markets
  • AI
  • Technology
  • Opinion
  • Energy

More

  • Politics
  • Economics
  • Fintech
  • Legal
  • Sport
  • Life

Company

  • About City PM
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2026 City PM. All rights reserved.
About · Contact · Terms · Privacy