Banking News

Cybersecurity increasingly critical to Hong Kong’s banking sector

Cybersecurity increasingly critical to Hong Kong’s banking sector

(13 February 2019 – Hong Kong) Online scams across Hong Kong’s banking sector increased threefold in 2018 according to the Hong Kong Monetary Authority.

Phishing emerged as the fastest-growing cyberscam in Hong Kong in 2018 with 62 reported cases compared to 7 in the previous year. This was followed by cases of fraudulent bank websites and suspicious mobile banking apps.

In September 2018, Hong Kong launched a scheme strengthening its cyber security defences called Cybersec Infohub that aims to promote and facilitate exchange of cybersecurity information between the public and private sectors and the larger community.

A study by Microsoft revealed that cyberattacks could easily wipe out about 10% of Hong Kong's GDP or around $249.6b annually over the next few years. “As companies embrace the opportunities presented by cloud and mobile computing to connect with customers, they take on new risks,” Microsoft Asia chief cybersecurity officer Michael Montoya said in a statement.

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