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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
BCBS Calls on Banking Sector to Enhance Cyber Defences
By Editors | 21/09/2021
Remote work arrangements and digital financial services have “enlarged banks’ attack surfaces”, creating opportunities for malicious actors, the BCBS said.
Fraud, Scams & Cybercrime
Philippine Lawmaker Introduces Bill to Tackle Rising Cybercrime
By Ranamita Chakraborty | 17/09/2021
The bill requires banks and non-bank FIs to “exhaust all means to ensure that victims are able to recover their monetary loss, if any”.
Data Privacy
NZ Privacy Commissioner Issued Compliance Notice to RBNZ
By Editors | 16/09/2021
The compliance notice was triggered by the cyber-attack suffered by the RBNZ in December 2020, and confirms the work underway to make its systems more secure.
Fraud, Scams & Cybercrime
Singapore Authorities Warn of SMS Diversion Attacks
By Editors | 15/09/2021
Malicious actors gained access to the systems of overseas telecom operators to divert SMS OTPs and authenticate fraudulent card transactions.
Cybersecurity
New Zealand Banks ANZ, Kiwibank Hit with DDoS Attacks
By Editors | 12/09/2021
ANZ said it had recovered on Thursday but online services were intermittent on Friday. Kiwibank was still working to get its systems back up through Sunday.
Cybersecurity
EU Regulators Warn of Cyber Risk, Credit Losses, Market Exuberance
By Sanday Chongo Kabange | 12/09/2021
The EBA, ESMA and EIOPA warn of increasingly sophisticated cyber-attacks, deteriorating credit quality, and possible exuberance in markets.
KYC & CDD
Taiwan to Revise Authentication Rules to Facilitate Digital Banking
By Editors | 10/09/2021
The new rules allow banks to use biometric authentication methods to fulfill identity authentication requirements for internet-based applications.
Cybersecurity
Singapore Minister Urges FIs to Pursue International Postings
By Manesh Samtani | 07/09/2021
MAS will extend the funding duration from 3 to 6 months for the overseas component of its Finance Associate Management Scheme starting next year.
Data Privacy
CSRC Considers Barring Data-Heavy Firms from Listing Overseas
By Sanday Chongo Kabange | 30/08/2021
The CSRC is drafting rules that would prohibit Internet firms holding large amounts of user-related data from listing overseas, targeting firms with VIE structures.
Operational Risk
APRA Focuses on Resilience in Updated Corporate Plan
By Sanday Chongo Kabange | 30/08/2021
APRA will look to enhance resilience in the financial system, including cyber resilience, while also transforming governance, risk-culture, remuneration and accountability.
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