Regulatory Alerts2026-07-28
Added · Updated
SFC reprimands and fines Luk Fook Securities (HK) Limited $2.1 million for inadequate cybersecurity control to fend off cyberattack
The Securities and Futures Commission reprimanded Luk Fook Securities (HK) Limited and imposed a $2.1 million fine for failing to implement adequate cybersecurity controls, which contributed to a three-week system recovery delay following a September 2022 ransomware attack. The disciplinary action addresses specific deficiencies including lack of firewall protection, outdated software, weak access controls, and inadequate data backup arrangements. The regulator determined that these systemic failures compromised client interests and operational integrity, constituting misconduct under applicable cybersecurity requirements.
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