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The Hong Kong Monetary Authority (HKMA) is taking action to tackle cyber security in the banking sector in Hong Kong through the Cybersecurity Fortification Initiative (CFI) – a new comprehensive initiative announced on May 18, 2016, which aims to raise the level of cybersecurity of the banks in Hong Kong. This follows the Hong Kong Securities and Futures Commission’s (SFC) similar initiative of issuing the Circular to All Licensed Corporations on Cybersecurity (see our previous post).

Over the past month, Hong Kong Courts and the Securities and Futures Commission (“SFC”) have taken action under the Personal Data (Privacy) Ordinance (“PDPO”) against an insurance agent, a marketing company and a licensed individual for improper handling of personal data, resulting in a Community Service Order, a fine, and an SFC disciplinary action. These cases demonstrate increased citizen awareness of privacy rights, industry focus on the PDPO, and foreshadow further enforcement activity.