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Security Is Top Priority For HK Financial Sector In 2017

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Security Is Top Priority For HK Financial Sector In 2017

Anticipated changes to the legislative and regulatory environment in Hong Kong and mainland China could have an impact on the technology industry in 2017, according to law firm DLA Piper Hong Kong.

DLA Piper has published a series of predictions on what they expect to be the key market trends and issues for Greater Chinese companies in the coming year.

In the financial sector, for example, Hong Kong's financial regulators have been ramping up investigations and enforcement actions related to cyber security breaches, fraud and other misconduct.

DLA Piper Asia head of employment Julia Gorham expects this trend to continue in 2017, with a particular focus on the threat posed by insiders. This will make compliance a top priority for many companies.

 “Compliance will remain key on the agenda for the C-Suite of large financial institutions and multinationals alike, in order to restore brand confidence amid the volume of high profile employee misconduct cases over the past year which led to regulatory scrutiny and large fines,” she said.

Companies on the mainland are meanwhile expected to continue to face challenges associated with intellectual property, according to DLA Piper Asia co-head of IP and technology Edward Chatterton.

 “The recurrent problem of bad faith trademark filings remains one of the biggest challenges for IP owners in China, as does the relatively weak protection given to trade secrets,” he said.

China is undertaking significant efforts to become an innovation nation, which includes strengthening IP protection. But online infringement of IP rights remains prevalent.

 “The scale of online infringement in China is huge and growing.  However, the climate is slowly changing, caused by a combination of regular government initiatives against online infringement, the introduction of new laws and favorable court decisions,” Chatterton said.

The regulatory regime for IP protection is improving, but policymakers should “look into using the existing provisions of the Trademark Law to reduce the number of bad faith filings and focus on improving the quality, rather than quantity, of patent filings,” he added.

Source: Fintech Innovation

By Pathay Singh on 12/05/16