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Be wary! Take precaution! New “Cyber Mafia” is rising!
Cyber criminals are organised like a mafia organisation, not just in their professional coordination, but also in their willingness to intimidate and paralyse victims. They have become so sophisticated that gangs have created “conglomerations” with company structures that specialise in different criminal activities to carry out attacks.
The major cause for concern is that their capabilities are becoming increasingly good to threaten parts of critical infrastructure, and certainly in the banking and financial industry.
Financial services sectors are key targets for data breaches and cyber hacks as the potential profits for the criminals are higher.
The “Cybersecurity Fortification Initiative” (CFI) was launched by the Hong Kong Monetary Authority (HKMA) in 2016 to further enhance the cyber resilience and strengthen the level of security of the banking sector through a three-pronged approach:
Cyber Resilience Assessment Framework: To establish a common risk-based framework for banks to assess their own risk profiles and determine the level of defence and resilience required
Professional Development Programme: A training and certification programme dedicated to increase the supply of qualified professionals in cybersecurity
Cyber Intelligence Sharing Platform: A platform for sharing of cyber threat intelligence among banks, to enhance collaboration and uplift cyber resilience
The Cyber Intelligence Sharing Platform, which was launched in December 2016, was created via a collaboration between the HKMA and the Applied Science and Technology Research Institute (ASTRI). It has proved popular with lenders, and in 2017, it was reported that ASTRI will work with the Hong Kong Federation of Insurers (HKFI) and the Securities and Futures Commission (SFC) to establish similar platforms for insurance companies and securities firms to help defend themselves from cyber risks.
The SFC has also proposed measures to tighten cybersecurity for all the 500 Hong Kong stockbrokers and fund managers.
This action came after 27 hacking attacks on 12 licensed financial firms led to investor losses totalling HK$110 million.
Termed as “Secure-Day”, this exclusive formatted event is a must-attend for financial services professionals. The gamification scenarios are designed to be interactive, with 'real' hands on scenarios, giving the attendees real ammunition to take back to the office.
OpenGov has over 20 years’ experience in providing a platform enabling collaboration. The last 5 years, solely to Public Sector within the Asia Pacific Region, including Australia and New Zealand. We are a team that has revolutionised the traditional conference platform, having developed a method to return real and tangible value to the delegates that attend. By creating an environment that enables and enhances true collaboration and knowledge exchange, OpenGov enhances the experience which provides true insights from lessons learnt. These insights are delivered from, and by the many leaders in government agencies from around the world that attend these events. These events cover ICT, Health, Education and Crisis Assessment Response Effectiveness (CARE). Our team has been past winners of the "Best CEO Level Conference in Asia" award.
In speaking with over 500 Government ICT officials this year, we have detailed the challenges many government CIO’s face. Due to the ever changing digital environment, CIO's struggle to keep up with all these changes. To assist these CIO's, OpenGov has embarked on a journey of exploration, finding solutions and best practice examples to assist CIO's in bridging this knowledge gap.
OpenGov has organised many types of events. These events being small training seminars, large scale conferences and industry based exhibitions. They specifically focus on Government, in the areas of Public Sector ICT, Health care and Education. To add further value to these events, we have included private sector representation, which has further expanded on our knowledge based and understanding in the delivery of services to our citizens.
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