On April 9th, the Financial Services Cyber Security Committee Seminar of the Hong Kong China Network Security Association (HKCNSA) was successfully held at the Edvance office. The theme of the seminar was "New Challenges in Cybersecurity and Regulations for the Hong Kong Financial Industry." Mr. Isaiah Wong, the Director of Financial Services Cyber Security Committee, served as the keynote speaker, sharing with the HKCNSA members the new challenges faced by the financial industry in current cybersecurity and regulations, as well as corresponding response strategies. The event gathered many industry professionals to discuss the challenges in cybersecurity and regulation, promoting the stable development of the financial industry.
During the event, Isaiah, the Director of Financial Services Cyber Security Committee, first provided a detailed interpretation of regulatory requirements and reasons for cloud adoption by financial institutions. He emphasized the need for thorough due diligence when selecting cloud service providers and ensuring that contracts clearly define responsibilities and obligations regarding data protection, backup, and recovery. Additionally, financial institutions should establish appropriate technical risk management measures, including encryption management, data classification, and access control, to ensure the security and reliability of cloud computing systems.
Furthermore, Isaiah shared practical experiences in third-party risk management. He highlighted the importance of managing third-party network security supply chain risks and introduced effective ways to address these risks through on-site inspections, risk management frameworks, and other means. He also presented practical applications of supply chain network security risk management through specific case studies, providing valuable references for the attendees.
When discussing proposed cybersecurity obligations of critical infrastructure, Isaiah provided a detailed introduction to the "Policy Statement on Facilitating Data Flow and Safeguarding Data Security in Hong Kong" issued by the Innovation, Technology and Industry Bureau (ITIB). He emphasized that the policy statement was developed to address current challenges in network security and includes strategies to strengthen network security protection, enhance digital infrastructure support, and promote cross-border data movement. Effective implementation of these strategies will further enhance Hong Kong's competitiveness and influence in the global digital economy.
Lastly, Isaiah delved into the new threats and challenges faced by the financial industry. He mentioned mobile fraud, artificial intelligence, and cross-border data transmission as major threats and shared how to effectively address these challenges through technological means and awareness training. He also stressed the importance of promoting cross-border data flow in the Greater Bay Area, advocating for the establishment of a compliant, secure, and efficient mechanism to facilitate the collaborative development of the Greater Bay Area's economy.
HKCNSA extends sincere gratitude to all industry experts for their insightful sharing and discussions. HKCNSA would also like to express special thanks to Edvance for their strong support and provision of excellent venue facilities, which contributed to the successful organization of the seminar. We look forward to more cooperation and exchanges in the future, contributing to building a secure and stable cybersecurity environment.
In the future, HKCNSA will continue to dedicate itself to promoting cooperation and exchanges in the field of cybersecurity. By organizing regular network security forums, the association aims to provide a platform for members to communicate and learn, strengthen their understanding of network security, and collectively drive innovation in the cybersecurity industry.