Regulatory Alerts2023-12-21
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Managing cyber risk associated with third-party service providers
The Hong Kong Monetary Authority issues this note to guide authorized institutions in strengthening cyber resilience following a 2023 thematic examination of third-party risk management. The document mandates that institutions integrate cyber risk into governance frameworks, conduct holistic lifecycle assessments, and perform rigorous supply chain due diligence for critical operations. Furthermore, it requires expanded threat intelligence sharing, scenario-based incident response drills, and the adoption of modern security architectures and Regtech solutions to automate and enhance defense capabilities.
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