To further enhance the cyber resilience of the banking sector in Hong Kong, the Hong Kong Monetary Authority (HKMA) announced today the launch of a “Cybersecurity Fortification Initiative” (CFI) at the “Cyber Security Summit 2016” (the ‘Summit’), in which the HKMA also serves as the Programme Advisor for this prestigious event.
The CFI is a new, comprehensive initiative which aims to raise the level of cybersecurity of the banks in Hong Kong through a three-pronged approach:
Speaking at the Summit today, 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.”
To implement the CFI as quickly and as effectively as possible, the following actions will be taken:
The topic of cybersecurity has gained more attention of the banking industry in Hong Kong and around the world. The Summit, which is co-organised by HKIB, ASTRI, and the Hong Kong Police Force, has proved a timely event that was well-received:
“ASTRI has identified financial technology as our first and foremost key R&D initiative for Hong Kong. Cyber security aside, we are also focusing on big data analytics, block chain, and various other advanced technologies. Our R&D capabilities will bolster Hong Kong's technical arsenal in the escalating battle against technology crimes. We will continue to work with the HKMA and the banking industry to promote the development of fintech in Hong Kong," said Dr. Franklin Tong Fuk-kay, Chief Executive Officer, ASTRI.
Being a leader in training for the banking industry, HKIB is also a key partner in the Professional Development Programme. With technical support from ASTRI, HKIB runs the Programme as one of the training and certification schemes under HKIB.
Ms Carrie Leung, Chief Executive Officer, HKIB said, “Cyber threats have emerged as a growing risk to the banking and financial services sector. It is time for us to take collective action to formulate strategies for tackling current and future threats. A key aspect of this is to find ways to build a strong talent pool to uphold and enhance the sector’s cyber security system on an ongoing basis”.
The Programme is scheduled to launch by the end of 2016.
“We endeavour to make banking professionals better equipped to face the emerging cyber security challenges. In the long run, we hope that banks will develop their own career frameworks which align with this initiative and illustrate how the Programme can support an individual’s career development and progression,” Ms Leung added.
18 May 2016