On 27 Dec 2024, the HKMA urged all authorized institutions to actively participate in the enhanced Cyber Intelligence Sharing Platform (CISP), following HKAB's implementation of new guidelines, a verbal intelligence Forum, and cross-sectoral platform links. The HKMA stressed that AIs' contributions to the CISP's expanded features are essential for collective cyber defence and maintaining financial stability in Hong Kong's interconnected financial system.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction
On 27 Dec 2024, the Hong Kong Monetary Authority (HKMA) issued a letter requesting authorized institutions (AIs) to actively participate in the enhanced Cyber Intelligence Sharing Platform (CISP), following the Hong Kong Association of Banks' (HKAB) recent platform improvements announced on the same date.
Platform Enhancements
The HKMA highlights HKAB's recent enhancements to the CISP, which include establishing sector-wide guidelines and best practices for threat intelligence sharing, introducing a verbal Forum to complement the online platform for real-time intelligence exchange, and creating cross-sectoral links between banking, insurance, and capital market intelligence platforms. These measures aim to foster a collaborative environment for proactive cyber defence across the financial sector.
Regulatory Participation Requirements
The HKMA explicitly requests all AIs to actively engage their intelligence monitoring functions to leverage the CISP's new features, including contributing to both the online platform and the verbal Forum. This participation is emphasized as critical to strengthening Hong Kong's financial system cyber resilience, given the interconnected nature of the sector and evolving cyber threats that could impact financial stability.
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