Tag Archives: Cybersecurity

New US Cyber Security sanctions targeting Russia

On 29 December 2016, President Obama signed an Executive Order entitled "Taking Additional Steps To Address The National Emergency With Respect To Significant Malicious Cyber-Enabled Activities".  In an official statement, President Obama said that the Executive Order was issued "in response to the … Continue reading

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Filed under Corporate Crime, Non-UK regulation, Russia, Sanctions and Money Laundering, US

China’s New Cyber Security Law – highlights

China's new Cyber-Security Law was recently issued, with the government downplaying suggestions that the new law would be used to drive foreign technology and products out of the Chinese market. The new Law provides a tighter definition of critical information … Continue reading

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Filed under Asia, Banking, China

Cybersecurity in Hong Kong: SFC’s review of brokers’ internet and mobile trading systems

On 13 October 2016, the Securities and Futures Commission (SFC) announced it had issued a circular launching a cybersecurity review with a focus on assessing the cybersecurity preparedness, compliance and resilience of brokers’ internet and mobile trading systems (Review). The … Continue reading

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Filed under Hong Kong

HKMA’S Cybersecurity Fortification Initiative: what UK bankers need to know

The Hong Kong Monetary Authority (HKMA) has today issued a circular requiring Hong Kong-regulated institutions to implement the HKMA's "Cybersecurity Fortification Initiative" (the Initiative), which consists of three distinct pillars: (1) risk assessment, (2) training and (3) intelligence sharing. The … Continue reading

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Filed under Asia, Banking, Hong Kong, UK

The future face of UK cyber security – the National Cyber Security Centre

The authoritative voice on UK cyber security The UK government has recently confirmed that its National Cyber Security Centre ("NCSC") will begin operations in October 2016. This newest body to be established as part of the UK's continuing fight against … Continue reading

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Filed under UK, Uncategorized

Hong Kong: SFC circular on cybersecurity concerns and recommended controls

The SFC issued a circular to all licensed corporations yesterday, following its recent review of cybersecurity within selected larger licensed corporations.  Firms will wish to give careful consideration to the SFC's recommendations regarding appropriate cyberscurity controls.

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Filed under Asia, Asset management, Banking, Hong Kong, Insurance, Investment banking, Investment Funds

Mitigating cyber security exposures: risk transfer through cyber insurance

Now may be the time to review your cyber risk mitigation strategy and give serious consideration to whether the financial cost of cyber attacks could be transferred to insurers at a fair price. Cyber security is amongst the leading risks … Continue reading

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Filed under Americas, Asia, Australia, Europe, JURISDICTIONS, UK

Ratings downgrades possible for banks with weak cybersecurity

In a note published last week, ratings agency Standard & Poors (S&P) said it viewed banks as natural targets facing a high threat of cyber-risk, although it considered the global credit risk of a cyber attack to be only medium, because it … Continue reading

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Filed under Americas, Asia, Australia, Banking, Europe

The EU’s fight against cybercrime continues – attacks against information systems

Directive 2013/40/EU transposition deadline Today is the deadline for transposition into national law of the Directive on attacks against information systems (the “Directive“), which came into force on 24 August 2013. This Directive forms part of the EU’s continuing efforts … Continue reading

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Filed under Corporate Crime, EU

UK: Cyber-security – what level of security will be sufficient to meet a firm’s regulatory obligations?

Firms’ confidential information, and the personal data of their customers, is increasingly being recognised as a valuable commodity, attracting the attention of sophisticated organised criminals.  As custodians of what is often their customers’ more sensitive personal data, not to mention, … Continue reading

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Filed under Bank of England, FCA, PRA