On 15 September 2015, the Hong Kong Monetary Authority (HKMA) issued a circular to authorised institutions to highlight the management of cyber security risk.

Cyber security risk has been in the spotlight for a number of financial services regulators across the globe as an area of heightened risk, given the number of high profile attacks in the region and across the globe on financial institutions.

The HKMA notes that a one size fits all risk management may not be sufficient to deal with all types of cyber risks and certain conventional risk management philosophy and controls practised by authorised institutions may need to be adjusted or enhanced to address these risks.

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