A comprehensive review of the structure of management, risk culture and internal control mechanisms in local banks was carried out, including the sector’s first cyber resilience and risk assessment, the Monetary Authority of Macao (AMCM) indicated in its latest annual report.
Following new cybersecurity legislation enforced in December, 2019 local authorized financial institutions were asked to establish a ‘sound and robust’ cyber risk management process, with annual review and updates to be conducted on their cyber resilience framework.
“After analyzing the results of the assessment, comments and suggestions will be made available to the sector, in order to contribute to the improvement of internal management,” the AMCM noted.
The Covid-19 pandemic has worked as a catalyst for faster digital transformation across all sectors and increased the level of new cyber threats targetting Macau organisations, especially ransomware attacks, cybersecurity tech company Fortinet told Macau News Agency previously.
In its first year in operation, Macau’s Cybersecurity Incident Alert and Response Centre received about 1,600 cybersecurity risk alerts per day on average and issued 38…
