Fraud Management & Cybercrime , Geo Focus: Asia , Geo-Specific
Updated Version of Cybersecurity Framework Will Roll Out in January Akshaya Asokan (asokan_akshaya) • November 6, 2020The Hong Kong Monetary Authority's Cybersecurity Fortification Initiative 2.0, an updated version of the framework designed to strengthen cyber resilience in the banking and financial sector, will officially roll out in January and be implemented over the following two years, officials say.
While the updated version of the cybersecurity framework will become official in January, banks and financial institutions in Hong Kong will have until December 2023 to complete most of the tasks required, including risk and maturity assessments as well as other auditing, officials say.
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The Hong Kong Monetary Authority is Hong Kong's central banking institution responsible for ensuring the stability and integrity of the territory's financial system. The agency launched its first Cybersecurity Fortification Initiative framework in 2016, as a response to an increasing number of cyber threats that struck financial institutions throughout the Asia-Pacific region during that time (see: Hong Kong Monetary Authority: A 3-Pronged Strategy for Secure Banking).
Arthur Yuen ..
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