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Reporting on regulatory requirements, enforcement actions, and best practices to safeguard financial institutions and markets against cyber threats, data breaches, and vulnerabilities through proactive measures.
Cybersecurity
Taiwan FSC Raises Cybersecurity Expectations in Capital Market
By Darien Choong | 28/12/2021
Securities and futures companies have to disclose more information on cyber incidents. Listed companies have to strengthen cybersecurity management.
Cybersecurity
CBSL Issues Technology Risk Management Rules for Banks
By Duruthu E Chandrasekera | 28/12/2021
The rules require banks to establish an Information Security Committee, chaired by the CEO, to assess the strategic and operational management of the technology risk.
Fraud, Scams & Cybercrime
BSP Identifies Other Banks, Non-banks Involved in BDO Hack
By Editors | 23/12/2021
A BSP task force will submit recommendations to the Monetary Board by mid-January 2022, which may include sanctions and penalties for the involved banks.
Cybersecurity
RBA Warns of ‘Dire Consequences’ from Cyber and Climate Risks
By Mark Johnston | 23/12/2021
The RBA’s Jonathan Kearns said banks need to continue to address evolving risks, as they can morph into systemic risks with potentially dire consequences.
Cryptocurrency
Australian Regulators Endorse Government Plans for Crypto Sector
By Mark Johnston | 22/12/2021
Australia’s Council of Financial Regulators have endorsed the Treasury’s plan to form a new working group on the regulation of the crypto-ecosystem.
Fraud, Scams & Cybercrime
BSP to Ensure Hacked BDO Accounts Are Reimbursed
By Mark Johnston | 15/12/2021
Some 700 customers of BDO Unibank have suffered losses due to a hack. The BSP said it will ensure remedial measures are undertaken.
Data Privacy
China MIIT Issues Plans for Expansion of Big Data Industry
By Editors | 14/12/2021
The plan includes measures to establish a market-oriented data pricing mechanism, strengthen data governance and security, and establishment data trading platforms.
Data Privacy
FSB Explores Impact of Data Regulation on Cross-border Payments
By Editors | 14/12/2021
The FSB seeks to better understand how data requirements relating to privacy, security, storage, sharing and retention impact cross-border payments.
Conduct, Culture & Accountability
HK Associations Published Revised Code of Banking Practice
By Editors | 13/12/2021
Banks are expected to achieve full compliance with the new provisions within six months. The Code is endorsed by the HKMA.
Cybersecurity
Cyber Risk Seen as Top Threat to Financial Markets: DTCC
By Editors | 08/12/2021
Cyber risk, pandemic, and geopolitical risk cited as the top threats to financial markets, but climate change and inflation are gaining pace.
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