Hong Kong to tighten cyber security rules after broker hacks

Hong Kong police have struggled to deal with digital pump-and-dump schemes targeting brokerages – a little-known type of computer-generated fraud that surged in the Chinese territory last year. — Reuters

HONG KONG: Hong Kong plans to toughen information security rules after a series of embarrassing hacks at the city's brokers, the securities regulator said on April 20.

The draft rules would likely include requirements for two-step authentication for account log-in and for brokers to notify clients when a transaction had been made, a Hong Kong Securities and Futures Commission (SFC) spokesman said.