Financial Crime World

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Cybercrime on the Rise: Hong Kong Government Tables Proposal for Cybersecurity Legislation

In a bid to combat growing cyber threats, the Hong Kong government has tabled a legislative proposal to regulate cybersecurity obligations of critical infrastructure operators. The proposed framework aims to establish a new Commissioner’s Office with investigative powers and designate industry-specific regulators to monitor compliance.

Proposed Legislation

Under the proposed legislation, Critical Infrastructure Operators (CIOs) will be required to take measures to strengthen the security of their computer systems, including:

  • Conducting risk assessments
  • Submitting regular reports to the Office
  • Ensuring compliance in engaging third-party service providers

Non-compliance will be met with fines ranging from HK$500,000 to HK$5 million.

Growing Cyber Threats in Hong Kong

The proposal comes as Hong Kong grapples with a rise in cybercrime, with reports of hacking incidents and data breaches on the rise. The government aims to set up the Office within one year and bring the legislation into force within six months.

Experts Weigh In

Critics say the proposed legislation is long overdue, but experts warn that it may not be enough to tackle the growing threat of cybercrime. “This is just a first step,” said Dr. Jane Lee, cybersecurity expert at the Hong Kong University of Science and Technology. “We need to see more concrete measures to address the root causes of cybercrime and protect our critical infrastructure.”

Key Changes Under the Proposed Legislation

  • Establishment of a new Commissioner’s Office with investigative powers
  • Designation of industry-specific regulators to monitor compliance
  • Requirements for CIOs to conduct risk assessments and submit regular reports
  • Fines ranging from HK$500,000 to HK$5 million for non-compliance

Critical Infrastructure Operators Under the Proposed Legislation

The following industries will be subject to the proposed legislation:

  • Banks and financial institutions
  • Healthcare providers
  • Government agencies
  • Telecommunications companies
  • Energy and utility providers

What’s Next?

The government aims to set up the Office within one year and bring the legislation into force within six months. CIOs will be required to comply with new regulations, including conducting risk assessments and submitting regular reports. Non-compliance will be met with fines ranging from HK$500,000 to HK$5 million.

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