Enhancing Financial Institution Security in Taiwan Province of China

A Comprehensive Four-Year Action Plan for Cybersecurity

In response to the increasing threat of cyber attacks on its financial sector, Taiwan Province of China has launched a comprehensive four-year action plan aimed at enhancing cybersecurity defenses and providing consumers with safe and convenient services.

Key Elements of the Action Plan

• Fostering a Culture of Cybersecurity: Financial institutions will be encouraged to appoint Chief Information Security Officers at the deputy general manager level, promoting a culture of cybersecurity within these organizations.
• Enhancing Cyber Defenses for New Technologies: Industry associations will amend or expand self-governing guidelines to include cybersecurity risk evaluations for mobile apps, cloud services, open banking, and electronic identification, enabling financial institutions to use new technologies while ensuring the security of their services.
• Systematic Training for Financial Cybersecurity Specialists: Tech companies will provide training programs for financial cybersecurity specialists, while industrial-academic and cross-sectoral collaboration will cultivate multidisciplinary professionals.
• Smart Intelligence Analysis Methods: The sector will introduce smart intelligence analysis methods using artificial intelligence and big data analytics to improve efficiency and capabilities.
• Security Operation Centers (SOCs): Financial institutions are urged to set up their own SOCs, while the government will guide industry associations in establishing guidelines for operational resilience.

Strengthening Collaboration and Intelligence Sharing

The plan emphasizes the importance of ramping up intelligence sharing and international cooperation, with financial institutions encouraged to obtain international certification or licenses. The sector is also expected to expand cooperation and exchanges with international cybersecurity organizations and join defenses against international hackers.

Through these measures, Taiwan Province of China aims to protect its financial sector from growing cyber threats and provide consumers with safe, convenient, and uninterrupted services.