Regulatory Alerts2022-09-23
Added · Updated
HKMA Supervisory Expectations on Payment Card Security
The Hong Kong Monetary Authority issued this circular to establish supervisory expectations for authorized institutions regarding payment card security in response to global data breach trends. The document requires institutions to enforce baseline technical standards, conduct rigorous due diligence on third-party service agents, and promptly report data breaches to regulators and scheme operators. Additionally, the HKMA plans thematic examinations to ensure compliance and is exploring technological enhancements such as tokenisation to further strengthen network security.