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Hong Kong Monetary Authority Announces Enhanced Competency Framework on Cybersecurity

By Anna Gamvros (HK) & Ruby Kwok (HK)
December 27, 2016
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On 19 December 2016, the Hong Kong Monetary Authority (“HKMA”) announced the launch of the Enhanced Competency Framework on Cybersecurity (“ECF-C”).

The ECF-C is a cybersecurity module that runs in parallel with the Professional Development Programme – one of the 3 pillars that underpin the Cybersecurity Fortification Initiative launched by HKMA in May 2016 (see our previous blog post). The aim of the Professional Development Programme is to develop a programme to train and nurture cybersecurity practitioners in Hong Kong financial institutions.

The ECF-C introduces an industry-wide competency framework for the banking sector that enables talent development, and facilitates the building of professional competencies and capabilities of those working in cybersecurity. The HKMA also issued a Guide on Enhanced Competency Framework on Cybersecurity to provide details on the scope of application of the ECF-C, qualification structure, recognised certification and continuing professional development requirements to equip cybersecurity practitioners with “the right skills, knowledge and behaviour.”

Although the ECF-C is not a mandatory licensing regime, the HKMA has encouraged banks to adopt the ECF-C and keep records of the relevant training and qualifications of cybersecurity practitioners. The HKMA will assess the progress of ECF-C implementation by banks, including their efforts in enhancing staff competence in the cybersecurity area, during its ongoing supervisory process.

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Photo of Anna Gamvros (HK) Anna Gamvros (HK)
Read more about Anna Gamvros (HK)Email
Photo of Ruby Kwok (HK) Ruby Kwok (HK)
Read more about Ruby Kwok (HK)Email
  • Posted in:
    Privacy & Data Security
  • Blog:
    Data Protection Report
  • Organization:
    Norton Rose Fulbright
  • Article: View Original Source

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