RECENT STORIES:

Addressing digital sovereignty in a data-driven world
Crisis as Catalyst: How Some Businesses Transformed Pain into Power
U.S. Exhibitors at 2025 CISCE Grow by 15%, Highlighting Strengthened S...
TROOPS, Inc. (NASDAQ: TROO) Intends to Bolster Shareholder Value with ...
LA Landing Taiwan Bridges US-Taiwan Startup Ecosystems with Billion-Do...
Vietnam Launches NDAChain, the National Blockchain Platform to Acceler...
LOGIN REGISTER
DigiconAsia
  • Features
    • Featured

      Digital innovation for food safety and sustainability in S E Asia

      Digital innovation for food safety and sustainability in S E Asia

      Wednesday, July 23, 2025, 1:29 PM Asia/Singapore | Features
    • Featured

      Asia the true testbed for AI agents

      Asia the true testbed for AI agents

      Wednesday, July 16, 2025, 2:42 PM Asia/Singapore | Customer Experience, Features
    • Featured

      Appreciating AI means honoring accountability and integrity, beyond commercial hype

      Appreciating AI means honoring accountability and integrity, beyond commercial hype

      Tuesday, July 15, 2025, 2:23 PM Asia/Singapore | Features, Newsletter
  • News
    • Featured

      Europe’s voluntary AI code faces industry pushback as implementation of sweeping new law nears

      Europe’s voluntary AI code faces industry pushback as implementation of sweeping new law nears

      Wednesday, July 23, 2025, 3:02 PM Asia/Singapore | News, Newsletter
    • Featured

      Operationalizing sustainability in cybersecurity: Group-IB’s approach

      Operationalizing sustainability in cybersecurity: Group-IB’s approach

      Monday, July 21, 2025, 11:31 AM Asia/Singapore | Case Studies, News, Newsletter
    • Featured

      Chatbot’s NAZI controversy prompts overhaul and new hallucinations features

      Chatbot’s NAZI controversy prompts overhaul and new hallucinations features

      Tuesday, July 15, 2025, 3:42 PM Asia/Singapore | News, Newsletter
  • Perspectives
  • Tips & Strategies
  • Whitepapers
  • Awards 2023
  • Directory
  • E-Learning

Select Page

Digital BankingNews

Hong Kong’s Cybersecurity Fortification Initiative 2.0 can boost financial sector resilience

By DigiconAsia Editors | Thursday, February 8, 2024, 10:04 AM Asia/Singapore

Hong Kong’s Cybersecurity Fortification Initiative 2.0 can boost financial sector resilience

With great digitalization comes great cyber-resilience: the revised initiative is expected to facilitate smoother compliance and transitions.

The Hong Kong Monetary Authority (HKMA) has announced the second iteration of the Cybersecurity Fortification Initiative (CFI), which includes enhancements aimed at streamlining the cyber-resilience assessment process while maintaining effective control standards that commensurate with the latest technology trends. The CFI 2.0 will come into effect on 1 Jan 2021 and be implemented following a phased approach.

Originally launched in 2016, the CFI was meant to increase Authorized Institutions’ (AIs) cyber resilience and the overall banking stability of Hong Kong. The C-RAF, a risk-based framework for AIs required by the HKMA, has therefore been established to facilitate Ais to assess their own risk profiles and benchmark the level of defense and resilience required to accord appropriate protection against cyberattacks.

One cybersecurity firm has come out in support of CFI 2.0. Palo Alto Network’s Managing Director (Hong Kong and Macau) Wickie Fung feels the enhanced initiated will prevent cyberattacks, fortify customer data protection, and standardize cybersecurity in the Hong Kong financial sector.

Four years earlier, the firm had set up a C-RAF task force with expertise in security and operations, cloud, networks and infrastructure to assist organizations through the cyber-resilience assessment process. Resources are being put in place to help the industry and AIs through smooth transitions.

“The long-term and forward-looking approach taken by the HKMA is highly commendable as the introduction of a standardized approach to security will benefit the entire financial sector and may also act as a benchmark for other sectors. With our vision for a world where each day is safer than the one before, Palo Alto Networks looks forward to partnering with AIs to secure their digital transformation in this continually-evolving cybersecurity landscape,” said Fung.

The banking sector in the territory has undergone considerable change in recent years, including digital transformation, the adoption of public and private clouds, and the licensing of virtual banks. But as financial institutions produce, process and store sensitive customer data more than ever before, investment needs to be made to prevent this data from falling into the wrong hands, Fung noted.

Share:

Previousi-Battery CEO Feng Yong: bullish on vanadium batteries’ future in Japan
NextThree key drivers in SEA’s financial services industry to watch 

Related Posts

Future of APAC’s construction sector lies in data

Future of APAC’s construction sector lies in data

March 21, 2023

Switzerland ranked top for cyber risk literacy and education

Switzerland ranked top for cyber risk literacy and education

November 12, 2020

Decarbonization strategies for the aviation industry’s urgent path to Net Zero

Decarbonization strategies for the aviation industry’s urgent path to Net Zero

May 2, 2025

Singapore approves world-first medical AI software for vascular ultrasound analysis

Singapore approves world-first medical AI software for vascular ultrasound analysis

December 10, 2019

Leave a reply Cancel reply

You must be logged in to post a comment.

Awards Nomination Banner

gamification list

PARTICIPATE NOW

top placement

Whitepapers

  • Achieve Modernization Without the Complexity

    Achieve Modernization Without the Complexity

    Transforming IT infrastructure is crucial …Download Whitepaper
  • 5 Steps to Boost IT Infrastructure Reliability

    5 Steps to Boost IT Infrastructure Reliability

    In today's fast-evolving tech landscape, …Download Whitepaper
  • Simplify Payroll Setup for Your Small Business

    Simplify Payroll Setup for Your Small Business

    In our free guide, "How …Download Whitepaper
  • Overcoming the Challenges of Cost & Complexity in the Cloud-first Era.

    Overcoming the Challenges of Cost & Complexity in the Cloud-first Era.

    Download Whitepaper

Middle Placement

Case Studies

  • Operationalizing sustainability in cybersecurity: Group-IB’s approach

    Operationalizing sustainability in cybersecurity: Group-IB’s approach

    See how the firm turned …Read More
  • Roojai Insurance (Thailand) doubles agent productivity through digital transformation

    Roojai Insurance (Thailand) doubles agent productivity through digital transformation

    Roojai Insurance (Thailand) doubles agent …Read More
  • Malayan Insurance achieves IFRS 17 readiness with SAS

    Malayan Insurance achieves IFRS 17 readiness with SAS

    A leading Philippines non-life insurer …Read More
  • How Iress is moving to EveryOps

    How Iress is moving to EveryOps

    Scaling compliance, security & efficiency …Read More

Bottom Sidebar

Other News

  • Crisis as Catalyst: How Some Businesses Transformed Pain into Power

    July 26, 2025
    KUALA LUMPUR, Malaysia, July 25, …Read More »
  • U.S. Exhibitors at 2025 CISCE Grow by 15%, Highlighting Strengthened Supply Chain Cooperation

    July 26, 2025
    BEIJING, July 25, 2025 /PRNewswire/ …Read More »
  • TROOPS, Inc. (NASDAQ: TROO) Intends to Bolster Shareholder Value with Strategic Stock Repurchase

    July 25, 2025
    HONG KONG, July 25, 2025 …Read More »
  • LA Landing Taiwan Bridges US-Taiwan Startup Ecosystems with Billion-Dollar Market Playbook

    July 25, 2025
    TAIPEI, July 25, 2025 /PRNewswire/ …Read More »
  • Vietnam Launches NDAChain, the National Blockchain Platform to Accelerate Digital Data Infrastructure by 2026

    July 25, 2025
    NDAChain, Vietnam’s National Blockchain Platform, …Read More »
  • Our Brands
  • CybersecAsia
  • MartechAsia
  • Home
  • About Us
  • Contact Us
  • Sitemap
  • Privacy & Cookies
  • Terms of Use
  • Advertising & Reprint Policy
  • Media Kit
  • Subscribe
  • Manage Subscriptions
  • Newsletter

Copyright © 2025 DigiconAsia All Rights Reserved.