Key takeaways

• The Hong Kong Securities and Futures Commission ("SFC") has announced a review of the cybersecurity preparedness, compliance and resilience of brokers’ internet/mobile trading systems.
• Licensed corporations must have adequate controls for preventing and detecting cyberattacks and a written contingency plan for dealing with a cyberattack when it happens.
• Licensed corporations that fail to have adequate cybersecurity controls risk enforcement action.
• The SFC’s prioritization of cybersecurity mirrors actions taken by other financial regulators in key markets, including the U.S. and U.K.