The Hong Kong Securities and Futures Commission (SFC) has launched a new cybersecurity review to assess the cybersecurity preparedness, compliance and resilience of brokers’ internet and mobile trading systems. This follows the increasing number of security incidents in which customers’ internet and mobile trading accounts were hacked, including 16 incidents involving seven securities brokers and unauthorized trades in excess of $100 million over the past 12 months.
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SEC’s cyber preparedness priorities on display in the agency’s cybersecurity examination initiative
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Last week, the U.S. Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert that summarized findings from the agency’s examinations of the practices employed by financial service firms to address cybersecurity risks.
The…