OpenGov Secure-Day

OpenGov Secure-Day

W Hong KongHong Kong

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W Hong KongHong Kong,
Hong Kong

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W Hong KongHong Kong

Hong Kong

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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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