On 29 Nov 2024, the HKMA issued SPM Module TM-C-1 on 'Supervisory Approach on Cyber Risk Management' as a statutory guideline, clarifying it consolidates existing supervisory expectations without introducing new requirements. The module articulates the HKMA's policy, principles, and supervisory approach for cyber risk management, emphasizing enhanced sector-wide collaboration to address escalating cyber threats and systemic risks.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction
On 29 Nov 2024, the Hong Kong Monetary Authority (HKMA) issued a new Supervisory Policy Manual (SPM) Module TM-C-1 titled 'Supervisory Approach on Cyber Risk Management' as a statutory guideline under section 7(3) of the Banking Ordinance, following consultations with industry associations.
Purpose and Scope
The SPM module articulates the HKMA's policy, overarching principles, and supervisory approach for managing cyber risks, emphasizing the escalating cyber threats and potential systemic impact on financial stability. It explicitly states that the module does not introduce new requirements but holistically consolidates the HKMA's existing guidance, supervisory processes, and expectations for cyber risk management across authorized institutions.
Key Focus Areas
The module underscores the HKMA's expectation for deeper collaboration between the banking sector and other stakeholders within the broader ecosystem to enhance cyber risk resilience. It serves as a centralized reference for supervisory expectations without altering pre-existing regulatory obligations, reinforcing the HKMA's commitment to a coordinated approach to cyber risk management.
Implementation and Access
The SPM module is now available online via the HKMA's public website (https://www.hkma.gov.hk/eng/regulatory-resources/regulatory-guides/supervisory-policy-manual/) and the Supervisory Communication Website (https://www.stet.iclnet.hk). Authorized institutions are directed to reference this module for the HKMA's consolidated supervisory stance on cyber risk management.
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