Cybersecurity

    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

    Two Thirds of Cyber Incidents Caused by Staff – Willis Towers Watson

    By Manesh Samtani | 08/08/2018

    Companies and their staff need cyber training and education to ensure they are aware of the need to protect customer information at all times, and in particular, of the reputational and business interruption risks of having cyber incidents, says Willis Towers Watson’s Jessica Wright.

    Cybersecurity

    Thailand Banks Hit by Cyber Attack Resulting in Data Leak

    By Garima Chitkara | 02/08/2018

    Hackers have stolen non-financial data of over 120,000 customers from Kasikornbank and Krungthai Bank in the first such data leak in the Thai banking sector.

    Cybersecurity

    SingHealth Breach Prompts MAS Tightening of Customer Verification

    By Garima Chitkara | 26/07/2018

    MAS asked financial institutions to use additional information like one-time passwords and biometrics to identify consumers over and above existing consumer verification processes.

    Cloud & Infrastructure

    Big Four to Pilot Blockchain-based Auditing in Taiwan

    By Emma Zhou | 24/07/2018

    Deloitte, EY, KPMG and PwC will cooperate with a consortium of 20 banks to simplify the auditing process for public companies.

    Conduct, Culture & Accountability

    Hong Kong SFC Releases 2017-18 Annual Report

    By Manesh Samtani | 02/07/2018

    Highlights for the year include progress on MIC regime, guidance on online trading platforms, and regulatory collaboration with other agencies.

    Cybersecurity

    Worst-case Cyber Attack Losses Could Cost Banks Half of Profits – IMF

    By Manesh Samtani | 27/06/2018

    Extreme risk scenario threatening financial stability characterised by increases in attack frequency and interdependence, or occurrence of large magnitude events.

    Fraud, Scams & Cybercrime

    RBI Directs Banks to Upgrade Security Amid Rising ATM Fraud

    By Manesh Samtani | 26/06/2018

    Banks instruct banks and white-label ATM operators to upgrade ATM security in a phased manner until June 2019, threatening enforcement action for noncompliance.

    Cryptocurrency

    GDF Consults on Global Code of Conduct for Crypto Businesses

    By Manesh Samtani | 22/06/2018

    The Code includes commitment to comply with standing laws and regulations, ensure appropriate systems and processes, and treat customers and their assets fairly.

    Payments & Settlements

    Singapore Accelerates Shift to Digital Economy

    By Manesh Samtani | 21/06/2018

    MAS board member Ong Ye Kung pledges to eliminate cheque usage by 2025, while also reducing the need for ATM cash withdrawals, through increased adoption of e-payments.

    Cryptocurrency

    ASIFMA Publishes Best Practices Guide for Crypto Exchanges 

    By Manesh Samtani | 21/06/2018

    New report guides digital asset exchanges towards international nest practices for listing processes, market manipulation, pricing and liquidity, AML/KYC and cybersecurity, among other areas.

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