Hong Kong financial services subject to most cyberattacks

Hong Kong has been one of the prime targets of cyberattacks in the region, said the Financial Services Development Council.

The council released its “Cybersecurity Strategy for Hong Kong’s Financial Services Industry,” report which found that the financial services industry suffered 23 percent of total attacks, which was the most among all industries.

In which, Hong Kong accounted for 3 percent of the total cyberattacks on financial institutions with a potential cybersecurity economic loss of US$32 billion (HK$249 billion).

Karen Chan, co-leader of the council’s cybersecurity working group, said Hong Kong is an attractive target for cyberattacks and economic losses are rising.

However, the level of cybersecurity preparedness in Hong Kong is uneven. The financial services sector demonstrated the highest level of readiness among sectors, she added.

Chan said artificial intelligence would make future attacks more scalable and sophisticated.

The council proposed to develop a dedicated cyberspace safety roadmap with policy priorities for Hong Kong and to develop cyberspace protection legislation.

It also suggested improving talent development to tackle the shortage of local cybersecurity experts and operationalizing preparedness through industry-wide stress tests and data recovery improvement.

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