The nation’s securities and futures companies must reveal cybersecurity incidents, consequent losses and countermeasures in annual reports from next year, given the rising frequency of cyberattacks in the past few years, the Financial Supervisory Commission (FSC) said on Tuesday.
Currently, securities and futures companies only need to report such incidents to the Taiwan Stock Exchange (TWSE) and the commission within 30 minutes after a hacking attack is detected.
To enhance information disclosure to investors, the commission said that companies need to reveal such incidents in annual reports as well.
Photo: Kelson Wang, Taipei Times
However, only incidents that cause serious losses would need to be disclosed, Securities and Futures Bureau Deputy Director-General Tsai Li-ling (蔡麗玲) said.
In addition to compensating investors affected by cyberattacks, securities firms must reveal how their financial results and operations were disrupted by the attacks, and specify what measures would be taken to lower such risks, Tsai said.
The commission did not say how many securities firms would need to disclose such information next year.
A TWSE official yesterday said by telephone that many securities firms had experienced more than one cybersecurity threat this year, “but not every threat caused great damage.”
Among 49 local securities companies that offer online trading, three firms, including Yuanta Securities Co (元大證券) and President Securities Corp (統一證券), last month were targeted by credential stuffing attacks in which clients’ trading accounts were used to buy Hong Kong stocks, even though the clients did not place such orders.
The commission has fined some securities companies for failing to install firewalls or improve cybersecurity loopholes, and for allowing external technology suppliers to manage servers remotely.
In related news, the commission would implement 15 new policies next year, including two that are intended to help consumers affected by the COVID-19 pandemic.
The commission has asked banks to extend the grace period of loan payments by up to six months for those struggling to repay debt, and allow consumers to take out loans against their life insurance policies, it said.
Other policies include improving banks’ controls on their sales agents given rising instances of malpractice, and encouraging financial institutions to disclose climate change and information security risks.
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