informa
/
Risk
Quick Hits

Hong Kong Securities Firms Warned Of Cyberattacks

Hong Kong's Securities and Futures Commission announces DDoS attacks on brokers and warns firms of future threats.

The Securities and Futures Commission (SFC) of Hong Kong has issued a circular to licensed firms, warning them of possible distributed denial-of-service (DDoS) attacks and asking them to gear up their IT systems, Reuters reports. This alert was sounded soon after SFC received feedback from Hong Kong police that brokers in the country had been target of DDoS attacks.

"The DDoS attacks have caused service disruption to the brokers for a short period. It is possible that similar cyber security incidents would be observed across the securities industry," said the commission.

Hong Kong's regulators have been fighting cyberattack threats over the past year. A November survey discovered between 2014 and 2016, cyberattacks detected within the country and mainland China increased 969%.

Read details here.

Recommended Reading:
Editors' Choice
Kirsten Powell, Senior Manager for Security & Risk Management at Adobe
Joshua Goldfarb, Director of Product Management at F5