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https://scmp.com/news/hong-kong/economy/article/1946686/defence-hong-kong-monetary-authority-boost-cybersecurity
Hong Kong/ Hong Kong economy

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

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

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.

The authority is to follow up with banks to ensure that their cybersecurity measures are adequate.

Chan added that a training and certification programme would be implemented to increase the number of cybersecurity professionals in the city by the end of this year.

The authority and the two institutes planned to develop the programme so that it is benchmarked to international standards.

“A crucial factor affecting success is the availability of qualified and competent practitioners who can help the banks and the authority in the areas of risk assessment, design and implementation of defence mechanisms and … cybersecurity,” he said.

Leung added that Hong Kong could not afford to overlook the importance of cybersecurity for its banking system “otherwise our collective reputation will be at stake”.

The authority said there were 11 million online banking accounts in the city last year, generating 17 million transactions worth HK$7.3 trillion on average per month.

Thomas Campana, HSBC’s global head of cyber risk intelligence, said he welcomed the initiative.

“Anytime someone [such as regulators] can come in and challenge us to do better, that’s great,” he said.

Campana added there was a massive shortage of talent in cybersecurity globally.

“Having people trained in this craft to be able to go into an organisation and start to help out immediately is a huge benefit,” he said.

Darren Argyle, chief information security officer of UK-based financial technology firm Markit, said that companies in Hong Kong often viewed security as a cost of doing business, even as cyber criminals increasingly targeted corporations in their attacks.

“Many look to meet the minimum of regulations rather than taking a risk-based approach to security by understanding who might be the potential attackers and building security from that perspective,” he said.