Hong Kong's banks have to step up on their cybersecurity efforts amid a surge in online attacks, says the Hong Kong Association of Banks.
May Huen Wai-yi, chairwoman of the Hong Kong Association of Banks (HKAB) said risks in online banking has grown given that lenders have launched more digital banking services to allow their customers to transact online.
«As banks have been launching more fintech measures in recent years, it has become more convenient for the customers but it has also introduced new types of risk. It is important for the banking sector to step up its risk management to protect the interests of customers,» Huen said to the «South China Morning Post».
Online Scams Surged
According to data from the Hong Kong Monetary Authority (HKMA), cyberattacks on banks doubled last year. Online scams in 2018 tripled to 142 cases from a year ago. Sending out fake emails which look like official bank communications asking for customers’ information, also known as phising, was the fastest-growing cyber scam in Hong Kong last year.
There were 62 reported cases, compared to just seven a year ago. Based on a report by IntSights, an IT security firm, they noted that «phishing kits» could be purchased online. Such kits allow novice hackers to create elaborate phishing scams.
Checks On Recovery
HKMA’s deputy chief executive, Arthur Yuen Kwok-hang had mentioned in a media briefing last month that the authorities would begin checking the ability of the city’s banks to recover from a cyberattack.
«In Europe, there are already laws regarding how companies should protect the personal information of customers who shop online or use other online services. Hong Kong will also need to study these issues,» Huen added.
