FSDC releases report based on evolving landscape.
Financial services industry is a prime target of cybercriminals. With developments in the post-COVID-19 era – including licensed virtual financial services, increasing reliance on cloud and online collaboration tools, etc. – the future cyber universe will become more complex, presenting more urgent need to combat cyber risks. As an international financial centre which is exposed to various forms of cybercrimes, how prepared is Hong Kong for preventing and handling cyber risks?
A recently released report by the Financial Services Development Council (FSDC) today released a research report titled “Cybersecurity Strategy for Hong Kong’s Financial Services Industry” amid a rapidly evolving cyber threat landscape, details how cyber-attacks are impacting the industry, and assesses the industry’s cyber resilience, then outlining ways to enhance the industry’s cyberspace safety framework.
The publication comes against the backdrop of increased cybercriminal activities in the Asia-Pacific region, and amid a mounting and continued reliance on online technology brought about by the COVID-19 pandemic.
Among other findings, the report notes that the level of cybersecurity preparedness is uneven among financial institutions in Hong Kong, even as the city has emerged in recent years as a key target of cyberattacks in the region.
The Chairman of the FSDC, Laurence Li said, “The pandemic has accelerated the adoption of technology and, at the same time, highlighted further the importance of cybersecurity. Amid growing cyber threats to the financial system, cybersecurity is more essential than ever to international financial centres; to maintain its standing as an international financial centre, Hong Kong needs to provide businesses, investors, and the public at large with a secure marketplace that only a holistic yet flexible cybersecurity framework can guarantee.”
Taking stock of practices implemented across other jurisdictions, the report outlines a series of recommendations for Hong Kong to enhance its cybersecurity framework. Those include developing a dedicated cyberspace safety roadmap with policy priorities for Hong Kong, developing cyberspace protection legislation, harmonising regulations across the financial sector, enhancing talent development, and operationalising preparedness at industry level through industry-wide stress test and data recovery enhancement.
