From: Lexology
Hacking is increasingly sophiscated, and orchestrated by crime syndicates and money launderers. Every business which uses the internet is susceptible to hacking. When hacked, the financial costs of recovery are phenomenal and the damage to reputation is irreparable. The Guidelines for Reducing and Mitigating Hacking Risks Associated with Internet Trading (Guidelines) recently released by the Securities and Futures Commission (the SFC) on 27 October 2017 tackle cybersecurity. The Guidelines introduce minimum cybersecurity requirements to be adopted by licensed or registered persons in a bid to reduce and mitigate hacking risks associated with internet trading. In addition to the Guidelines, the SFC has prepared a set of FAQs which provide further guidance on the implementation of the Guidelines. The Guidelines were issued following a public consultation which lasted from May to July 2017, during which the SFC had received a total of 36 written submissions from various industry stakeholders, professional bodies, and individuals. The Consultation Conclusions were released along with the Guidelines.
Who do the Guidelines apply to?
The Guidelines apply to persons who are engaged in internet trading of both listed and non-listed securities, and are licensed by, or registered with, the SFC for:
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