Wells Fargo has hired Rich Baich as chief information security officer - a role in which he will oversee the firm’s security vision, strategy and programs designed to secure customer and company information.

Baich will join in late summer from Deloitte and Touche, where he led the global cyber threat and vulnerability management practice. 

Baich has also worked in numerous executive security positions within the public and private sectors, including at Pricewaterhouse Coopers, ChoicePoint, and the Federal Bureau of Investigation. Additionally, he served in the US Navy for 20 years as an information warfare officer, cryptology officer, and surface warfare officer.

“Our IT systems, products and services play a critical role in the customer experience,” said Martin Davis, executive vice president and head of enterprise technology services, technology and operations.

The appointment of Baich at Wells represents a wider concern that cyber crime is one of the fastest-growing forms of criminal activity, resulting in a growing number of wealth management firms now offering security services.

For example, Rothstein Kass released a survey earlier this year which found that over 80 per cent of 151 executive directors at single family offices surveyed in the first half of 2011 said they provide services related to security for the family, compared to about 60 per cent in 2009. Moreover, an overwhelming 90 per cent of executive directors believe threats to security will intensify.