Compliance in Asian Wealth Management Forum 2020 - Exclusive Insights - Andrew Chow - 1

Andrew Chow of Julius Baer

Jan 24, 2020

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1. Cybercrime – what new threats are there for you?

Video transcript

1. Cybercrime – what new threats are there for you?

The point about cybercrime is that it's all encompassing. It actually deals with phishing. It actually deals with penetration of the firewalls for the banks. It deals with the whole gamut of situations. So as a compliance officer, you need to understand what cybercrime is all about. Fundamentally, where you are actually thinking about, for example, in the phishing operation, how you get involved with technology to make sure that the phishing is actually prevented, how you actually tell the regulators what exactly you're doing as far as this phishing expedition is considered. In terms of penetration, you also have to think about the technology risk management guidelines in terms of how quickly you have to respond to the MAS, within four hours if it's a critical system, you also need to understand how these platforms work, in so far as you may need to explain to the regulators, and potentially to customers as well, what defences you've put up, how you've protected that data, which is really, really critical.




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