Cybersecurity regulatory framework warrants enhancement
Cybersecurity regulatory framework warrants enhancement
https://www.chinadailyasia.com/article/631129
Publish Date: 2026-03-26 12:37:00
Source Domain: www.chinadailyasia.com
Over recent years, cybersecurity has increasingly become a mainstream risk for economies, societies and governments. The ransomware attack on Ngong Ping 360 at the end of February shows how the threat has spread into everyday life. In a highly connected city, any organization that stores or processes data can become a target.
The number of reported cyber incidents in the city has reached record levels over the past two years, with phishing cases more than doubling and now accounting for the majority of reports. Local experts warn that artificial intelligence is making it easier to craft convincing scams, automate attacks and exploit vulnerabilities in cloud services and third-party providers. In short, threats are scaling faster than the defenses of many organizations.
Against that backdrop, the adequacy of the regulatory framework warrants examination. There has been meaningful progress with the introduction of the Protection of Critical Infrastructures (Computer Systems) Ordinance (Cap. 653), which came into force on Jan 1. It imposes binding obligations on designated operators across eight sectors — energy, information technology, banking and financial services, air transport, land transport, maritime transport, healthcare services, and telecommunications and broadcasting. Designated operators must comply with strict regulatory codes, protect critical computer systems, and report major incidents. Failure to do so can result in substantial penalties. For providers of essential services, cybersecurity is a statutory obligation.
In addition, the 2026-27 Budget highlighted the “AI vs AI” sandbox run by the Hong Kong Monetary Authority and Cyberport, which tests the secure and responsible use of AI in banking. It also earmarked HK$100 million ($12.8 million) to bring in leading technologies and accelerate the Hong Kong Special Administrative Region government’s digital transformation, and announced a new Committee on AI+ and Industry Development Strategy to…
