First published: 18th May 2016
The Hong Kong Monetary Authority (HKMA) announced today the launch of a “Cybersecurity Fortification Initiative” (CFI) at the Cyber Security Summit 2016. The initiative aims to raise the level of cybersecurity of the banks in Hong Kong using a three-pronged approach:
- The Cyber Resilience Assessment Framework seeks to establish a common risk-based framework for banks to assess their own risk profiles and determine the level of defence and resilience required;
- A new Professional Development Programme in Hong Kong including training and certification which aims to increase the supply of qualified professionals in cybersecurity;
- The Cyber Intelligence Sharing Platform will be developed to allow sharing of cyber threat intelligence among banks in order to enhance collaboration and uplift cyber resilience.
Mr Norman T.L. Chan, Chief Executive of the HKMA, said “If we wish to raise the cybersecurity of our banking system to a level commensurate with Hong Kong's position as the leading international financial centre in Asia, we cannot afford to go slow or lose any time. In a spirit of cooperation to achieve this common goal, the HKMA, the banking industry and our partners will work closely together to implement this ambitious but necessary CFI according to plan.”