The Hong Kong Monetary Authority
(the HKMA), on 24 May 2019, issued
an alert for eight (8) cyber security incidents which involved a
total amount of HK Dollars 70,000. Three banks reported cases where
the payments were done in an unauthorized manner. This was done
over a period of three weeks. The suspected criminals were
successful in stealing the customer data, which included the login
details and passwords for performing the transactions.
Under this, the HKMA has decided the following three point:
Reporting Obligations of the Banks
The HKMA has been made aware of the illegal transactions, which
resulted due to the reports that were filed by the relevant banks.
The HKMA reminded the banks of its reporting obligations. It called
for the "same-day report" which is to be filed, and the
incidents will be reported on the same day when the bank discovers
the said transaction. The HKMA made a point to convey to the bank
that the report should be made to the Privacy
