On the defence: Hong Kong Monetary Authority to boost cybersecurity for city’s banking system

Key summit reveals lucrative sector 300 per cent more likely to face cyberattacks than any other sector

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Norman Chan, chief executive of the Hong Kong Monetary Authority, at the Cyber Security Summit in Hong Kong. Photo: K .Y. Cheng

Published: 12:46pm, 18 May 2016Updated: 4:28pm, 18 May 2016

The head of the Hong Kong Monetary Authority said on Wednesday the body would launch an initiative to ramp up cybersecurity for the city’s banking system as cyberattacks became more rampant.

Speaking at the Cyber Security Summit, the authority’s chief executive Norman Chan Tak-lam stated that while banks in Hong Kong had so far had very few incidents of serious cyberattacks, there was “no place for complacency if we wish to retain our competitive edge as a preferred financial hub in Asia”.

Security experts have found that the banking sector is 300 per cent more likely to face cyberattacks than any other sector, Hong Kong Institute of Bankers chief executive Carrie Leung said at the event.

Last week, the Hong Kong Applied Science and Technology Research Institute warned that the authority was on a long list of central banks targeted by hacking group Anonymous.

In its initiative, the authority aims to assess banks’ risk profile, offer a professional development programme to train more cybersecurity professionals in the city, and create a platform for banks to share cyber intelligence and take active steps to minimise the chance of being attacked.

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