The Fintech Research Project of HKUST Business School has published its latest research report that explores Cybersecurity for Financial Industry: An Analysis of the Cyber Resilience Assessment Framework. The report documents vital discoveries based on a thorough examination of the Cyber Resilience Assessment Framework (C-RAF). This research was conducted as part of the School’s effort to raise public awareness on the importance of addressing cybersecurity gaps.
The rise of cyberattacks globally has caused governments and organizations to propose various initiatives and reinforce their cybersecurity measures. C-RAF was introduced by the Hong Kong Monetary Authority (HKMA) as part of the Cybersecurity Fortification Initiative to improve cybersecurity resilience of the city’s banking system. All authorized financial institutions (AIs) are required to assess their cybersecurity risks and launch adequate cybersecurity measures following the C-RAF requirements.
To better understand the effectiveness of this approach and assess the impact of C-RAF adoption on Hong Kong’s financial industry, we conducted comprehensive research and a thorough analysis of the framework over a 24-month research period.
Led by Professor HUI Kai-Lung, the research closely examined C-RAF against global standards in cybersecurity measures and analyzed data collected from 22 AIs and other domains. Insights from the research, including survey findings from AIs, provided a holistic view of the cybersecurity status in Hong Kong’s financial industry.
“We hope the report can serve as an informative benchmark for practitioners, regulators, AIs, and other organizations in various industries involved in cybersecurity,” said Professor Hui. “It is essential for firms to understand whether their current security measures and policies are adequate.”
Click here to read the full report.
