OpenGov Secure-Day

OpenGov Secure-Day

W Hong KongHong Kong01 January 1970

event date:
01 January 1970
Contact:
Event location:

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Topics Covered

Event Summary

Be
wary! Take precaution! New “Cyber Mafia” is rising!

Cyber
criminals are organised like a mafia organisation, not just in their
professional coordination, but also in their willingness to intimidate and
paralyse victims. They have become so sophisticated that gangs have created
“conglomerations” with company structures that specialise in different criminal
activities to carry out attacks.

The
major cause for concern is that their capabilities are becoming increasingly
good to threaten parts of critical infrastructure, and certainly in the banking
and financial industry.

Financial
services sectors are key targets for data breaches and cyber hacks as the
potential profits for the criminals are higher.

The
“Cybersecurity Fortification Initiative” (CFI) was launched by the Hong Kong
Monetary Authority (HKMA) in 2016 to further enhance the cyber resilience and
strengthen the level of security of the banking sector through a three-pronged
approach:

  • Cyber
    Resilience Assessment Framework:
    To establish a common risk-based
    framework for banks to assess their own risk profiles and determine the level
    of defence and resilience required
  • Professional
    Development Programme:
    A training and certification programme dedicated
    to increase the supply of qualified professionals in cybersecurity
  • Cyber
    Intelligence Sharing Platform:
    A platform for sharing of cyber
    threat intelligence among banks, to enhance collaboration and uplift cyber
    resilience

The Cyber Intelligence Sharing Platform, which was launched in December 2016, was created via a collaboration between the HKMA and the Applied Science and Technology Research Institute (ASTRI). It has proved popular with lenders, and in 2017, it was reported that ASTRI will work with the Hong Kong Federation of Insurers (HKFI) and the Securities and Futures Commission (SFC) to establish similar platforms for insurance companies and securities firms to help defend themselves from cyber risks.

The SFC has also proposed measures to tighten cybersecurity for all the 500 Hong Kong stockbrokers and fund managers.

This action came after 27 hacking attacks on 12 licensed financial firms led to investor losses totalling HK$110 million.

Termed as “Secure-Day”, this exclusive formatted event is a must-attend for financial services professionals. The gamification scenarios are designed to be interactive, with 'real' hands on scenarios, giving the attendees real ammunition to take back to the office.

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