Twenty years ago it would have been difficult to imagine internet banking as a a preferred and trusted channel for conducting banking businesses. Twenty years on, it maybe equally difficult to contemplate how a retail bank can survive a single day if the internet or digital banking services are inoperative for whatever reason. While banks in Hong Kong have so far had very few incidents of serious cyber attacks, there is no place for complacency if Hong Kong’s competitive edge as the preferred financial hub in Asia is to sustain. In May 2016, the Hong Kong Monetary Authority (HKMA) announced the launch of the 'Cyber Fortification Initiative' (CFI) aiming to raise the level of cybersecurity of banks in Hong Kong.
Read our latest insight where we attempt to provide a clear picture of the CFI requirements and how banks can expedite the preparation process to incorporate these requirements into their business operations.