Securities and Futures Commission

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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.

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.