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Maintaining Cyber-Safety and Business-Friendliness in Hong Kong’s Financial Services Industry

The COVID-19 pandemic has accelerated the shift towards online/remote virtual services in the financial sector, increasing the risk of cybersecurity threats. In this article, we will explore the challenges and opportunities facing Hong Kong’s financial regulators as they strive to maintain a cyber-safe yet business-friendly environment.

The Rise of Cybersecurity Threats in the Financial Sector

Key Challenges

• The COVID-19 pandemic has accelerated the shift towards online/remote virtual services in the financial sector, increasing the risk of cybersecurity threats.
• Hong Kong’s financial regulators have recognized this challenge and taken steps to permit financial institutions more flexibility in using remote/online solutions while still maintaining robust security measures.

The Importance of a Clear Cybersecurity Policy Direction

Balancing Cyber Safety and Business-Friendliness

A clear, up-to-date cybersecurity policy direction is necessary for Hong Kong to maintain a balance between cyber safety and business-friendliness. This will enable the financial sector to take advantage of new technologies while minimizing the risk of cybersecurity threats.

The Potential of Cyber-Insurance as a Business Opportunity

A Growing Market

Developing a cyber-insurance market could be a significant business opportunity for the financial services industry. The global cyber-insurance market is expanding quickly, with an annual growth rate of 20% - 25%, and is forecasted to reach US$27 billion by 2025.

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