In 2016, there was a substantial increase in the number of cases and monetary losses involving cyber hackers taking over share trading accounts and using the account monies in unauthorized share trading to rig the market. Business email compromise and phishing scams, malware and ransomware extortions, and personal data leakages continue to plague the business community in Hong Kong and around the world. While there have been new security measures such as the Cybersecurity Fortification Initiative launched by the Hong Kong Monetary Authority in 2016 to improve Hong Kong's cybersecurity regime, the cybersecurity outlook for the business community in 2017 remains challenging as cyber criminals use newer tactics and increase the frequency of automated attacks to steal data and money. The consequences of falling prey to cyber crimes cannot be understated. Apart from being a cyber victim, businesses could face regulatory investigations, sanctions and also claims from business partners and customers.
The Chamber has invited Dominic Wai, Partner, ONC Lawyers, who will use case studies to talk about the legal liabilities, recourses and remedies if a cybersecurity breach happens.