Also today, the HKMA issued a circular requiring registered institutions to enhance the security of their internet trading services having regard to the requirements in the SFC’s guidelines. Today the SFC issued Guidelines for Reducing and Mitigating Hacking Risks Associated with Internet Trading requiring all licensed or registered persons engaged in internet trading ( Note 2) to implement 20 baseline requirements to enhance their cybersecurity resilience and to reduce and mitigate hacking risks ( Note 3). Over the past few years, the SFC and the HKMA have provided a range of guidance on cybersecurity to the intermediaries they regulate ( Note 1). The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) recognise the need for effective cybersecurity management as cyber risk poses an increasingly significant threat to the integrity, efficiency and soundness of financial markets worldwide.
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