Regulatory Alerts2023-12-21
Added · Updated
Managing cyber risk associated with third-party service providers
The Hong Kong Monetary Authority issued this circular to provide authorized institutions with sound practices for managing cyber risks linked to third-party service providers. The guidance mandates that institutions integrate third-party cyber risk into their governance frameworks, conduct holistic assessments throughout the vendor lifecycle, and evaluate supply chain vulnerabilities. Additionally, the regulator requires expanded threat intelligence sharing, scenario-based incident response drills, and continuous enhancement of cyber defense capabilities through international standards.
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