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.

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    Fraud, Scams & Cybercrime

    BSP Issues Draft Rules Authorising FIs to Freeze Suspicious Funds  

    By Sanday Chongo Kabange | 06/02/2025

    FIs will be able to temporarily hold “disputed funds” while they initiate a process to validate the legitimacy of the transaction.

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    PEPs & Sanctions

    EU Imposes Cyber Sanctions Against Three Russian Actors

    By Editors | 29/01/2025

    The individuals listed were responsible for the theft of thousands of confidential documents from Estonia in 2020

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    Data Privacy

    HK PCPD Orders Oxfam to Remediate Privacy Law Breaches

    By Sanday Chongo Kabange | 28/01/2025

    The PCPD says Oxfam didn’t have adequate measures in place to guard against the ransomware attack it experienced last year.

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    Cybersecurity

    NYDFS Fines PayPal $2m for Cybersecurity Failures

    By Nithya Subramanian | 28/01/2025

    NYDFS said teams tasked with implementing changes to existing data flows were not properly trained, resulting in customer data being accessible to cybercriminals.

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    Cybersecurity

    ASEAN Ministers Commit to Boosting Digital Security, Cooperation

    By Thisanka Siripala | 26/01/2025

    Officials at the 5th ASEAN Digital Ministers’ Meeting discussed ongoing work to advance cybersecurity, anti-scam measures, cross-border data flows and AI governance.

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    Cybersecurity

    PBOC Issues New Draft Rules on Cyber Incident Reporting

    By Manesh Samtani | 25/01/2025

    The draft provides a standardised framework for the classification of cybersecurity incidents and more clearly defines reporting requirements during different stages of an incident

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    Emerging Prudential Risks

    FSB Publishes Work Programme for the Year Ahead

    By Manesh Samtani | 25/01/2025

    The work programme highlights digitalisation, climate change, and the shifting macroeconomic environment as key priorities

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    Credit Risk

    HKMA Publishes Banking Sector Priorities for 2025

    By Sanday Chongo Kabange | 24/01/2025

    The HKMA’s 2025 workplan includes measures to safeguard the banking sector from financial crime, credit risk and cyber risk.

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    Data Privacy

    PBOC Adjusts Rules to Improve Security of Credit Information

    By Editors | 23/01/2025

    The updates focus on managing how credit information is accessed, ensuring compliance, and enhancing security.

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    Fraud, Scams & Cybercrime

    BSP Revises IT Risk Management Rules to Align with New Anti-Scams Law

    By Sanday Chongo Kabange | 23/01/2025

    The BSP said BSFIs must comply with the new regulations by 30 June 2025 and that a shared accountability framework will be adopted.

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