Hong Kong Updates Cybersecurity Fortification Initiative

guest · Nov 7, 2020

Hong Kong Updates Cybersecurity Fortification Initiative
Updated Version of Cybersecurity Framework Will Roll Out in January
November 6, 2020
https://www.bankinfosecurity.com/hong-kong-updates-cybersecurity-fortification-initiative-a-15316

The 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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Arthur Yuen, the deputy chief executive of the Hong Kong Monetary Authority, noted that the updated version of the Cybersecurity Fortification Initiative reflects trends in both banking and cybersecurity that have happened over the past four years.

"We have therefore enhanced the Cybersecurity Fortification Initiative to reflect the latest trends in technology and incorporate recent developments in global cyber practices," Yuen says. "Enhancements have also been made to facilitate the development of the local talent pool for better management of cybersecurity risk. We believe Cybersecurity Fortification Initiative 2.0 will raise the cyber resilience of the banking sector to an even higher level."
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Hong Kong Monetary Authority: HKMA launches Cybersecurity Fortification Initiative 2.0

The Hong Kong Monetary Authority (HKMA) announced today (3 November 2020) the launch of an upgraded Cybersecurity Fortification Initiative (CFI) 2.0, following industry consultation.

The HKMA introduced the CFI in 2016, which aims to raise the cyber resilience of Hong Kong’s banking system. The initiative is underpinned by three pillars: the Cyber Resilience Assessment Framework (C-RAF), the Professional Development Programme (PDP), and the Cyber Intelligence Sharing Platform (CISP).
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