Season 8, Episode 3: Navigating the Asia-Pacific cyber risk landscape

Financial services firms in the Asia-Pacific region have been shocked out of their complacency in the past year, with scams, frauds and other cyber-related crimes increasing exponentially. In Australia alone, consumers reported a record A$3 billion in losses last year — up from A$850m just two years earlier. The rapid pivot to digital financial services and non-face-to-face business during the pandemic has been cited as a major driver for this trend. The economic turmoil in developing economies has also played a role, with vulnerable people being more likely to be recruited into cybercrime or online fraud syndicates. In this episode of Compliance Clarified, we discuss this complex area with Helen Chan, a lawyer and regulatory risk expert with Thomson Reuters Regulatory Intelligence in Hong Kong. IMPACT ANALYSIS: Compliance response from banks needed as human trafficking fuels proliferation of online scam syndicates: http://go-ri.tr.com/bEUean COLUMN: SFC interest in market manipulation could cast scrutiny on influencer social media content: http://go-ri.tr.com/4YOqiq Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.