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05.11.2017 #news

Cyber Fortification Initiative (CFI) by HKMA - Are You Ready?

With increasing technological advances, cyberattacks are becoming more complex and sophisticated, and are proving to be ever more detrimental to the financial services sector. Given the changing landscape of the industry, in May 2016 HKMA pursued the Cyber Fortification Initiative (CFI) to enhance cyber resiliency within the financial services sector.

What is the Cyber Fortification Initiative (CFI)?

Given the changing landscape of the industry, in May 2016 HKMA pursued the Cybersecurity Fortification Initiative (CFI) to enhance cyber resiliency within the financial services sector. The CFI is comprised of 3 components: (i) the Cyber Resilience Assessment Framework (C-RAF); (ii) the Cyber Intelligence Sharing Platform (CISP); and (iii) the Professional Development Programme (PDP).

The introduction of CFI has resulted in a wide array of initiatives, each with implementation deadlines approaching in the near future. Within Hong Kong’s banking sector alone, around 30 Authorized Institutions (AIs) including all major retail banks, selected global banks and a few smaller AIs are required to implement Phase 1 of  the C-RAF for Inherent Risk and Maturity Assessment by Q3 2017.

Cybersecurity is a relatively new area, bringing with it many challenges and risks associated with implementation of this regulatory requirement. The current environment is facing a shortage of qualified cyber security professionals. This, combined with the sheer volume of AIs required to implement Phase II of C-RAF by Q4 2018 creates  a bottleneck for qualified professionals to comply with regulatory requirements and is a critical issue that must be addressed today.  

 

How Sia Partners Can Help

•Sia Partners will cover all steps of a cybersecurity programme, from definition of strategic objectives through to project implementation.
•We offer a pragmatic and bespoke approach to meet your specific needs and outfit your organization to manage HKMA’s CFI implementation process more effectively.
•Our experts have substantial years of experience and knowledge in CIO Advisory, especially in the technology risk management, cybersecurity, IT governance & strategy, IT cost optimization and IT innovation spaces.

Your contacts

Vincent Kasbi, Head of Asia, +852 6800 5988, vincent.kasbi@sia-partners.com

Helina Lo, Project Director, +852 5664 1057, helina.lo@sia-partners.com

Raymond Tsui, Senior Manager, +852 9706 0206, raymond.tsui@sia-partners.com

Adel Akloul, CIO Advisory Manager, +852 5664 1052, adel.akloul@sia-partners.com