Financial Crime World

Here is the rewritten article in Markdown format:

Cybercrime in Finance Industry: Hong Kong Fights Back Against Rising Threats

Hong Kong, February 1, 2024 - The Hong Kong Computer Emergency Response Team Coordination Centre (HKCERT) has sounded the alarm on the growing threat of cybercrime in the financial industry.

Phishing Attacks on the Rise

According to a recent briefing, phishing attacks have become increasingly sophisticated and are now targeting the banking, finance, and electronic payment sectors. In 2023, HKCERT handled a total of 7,752 security incidents, with phishing accounting for nearly half of all cases (3,752 cases, 48%). The number of links related to phishing exceeded 19,000, showing a double-digit increase from the previous year.

AI-Powered Phishing Attacks

Mr. Alex Chan, General Manager of the Digital Transformation Division of Hong Kong Productivity Council and spokesperson for HKCERT, warned that the increasing use of artificial intelligence (AI) has made it more challenging for cyber security measures to keep up with hacker attacks. “Hackers are using AI-generated phishing content to impersonate official pages on social media platforms and exploit search engine optimisation techniques to deceive victims,” Chan said.

Emerging Cyber Security Risks

HKCERT has identified five key information security risks that will dominate the cyber landscape in 2024:

  • The weaponisation of AI: allowing hackers to use generative AI to issue instructions for generating malicious code
  • Next-level phishing attacks: using fake videos and social media impersonation
  • Organised cybercrime: ransomware attacks becoming increasingly severe
  • Smart devices with network connectivity: attacks arising from these devices
  • Third-party risks: including IT supply chain attacks and insider threats

Combating Emerging Threats

To combat these emerging threats, HKCERT is urging all sectors of society to strengthen their awareness of information security. Chan stressed the importance of understanding and balancing AI’s associated cyber security risks before implementing it.

HKCERT will continue to:

  • Provide strategies and advice for handling cyber security incidents
  • Proactively analyse cyber security vulnerabilities
  • Collaborate with internet service providers and computer emergency response teams from different countries

The organisation is also planning a Cyber Security Week, which will feature interactive booths, tram promotion campaigns, as well as publishing security publications to remind the public of emerging cyber security risks.

Conclusion

In the face of these growing threats, it is clear that Hong Kong’s financial industry must be proactive in addressing cybercrime and ensuring the safety and security of its customers.