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Strengthen the Security Management of Customer Information in the Virtual Banks of Hong Kong through Business Continuity Management to Maintain Its Business Sustainability

Author

Listed:
  • Haosheng Chen

    (College of Engineering, City University of Hong Kong, Kowloon, Hong Kong 999077, China)

  • Daniel Tse

    (College of Business, City University of Hong Kong, Kowloon, Hong Kong 999077, China)

  • Pengfei Si

    (College of Business, City University of Hong Kong, Kowloon, Hong Kong 999077, China)

  • Gefei Gao

    (College of Business, City University of Hong Kong, Kowloon, Hong Kong 999077, China)

  • Chang Yin

    (College of Business, City University of Hong Kong, Kowloon, Hong Kong 999077, China)

Abstract

This article looks at studies on how to use business continuity management for Hong Kong’s virtual banks in order to reduce customer information risks, so as to maintain business sustainability. Firstly, the development of virtual banks in Hong Kong were investigated, the laws and regulations and regulatory policies of Hong Kong and the Mainland were benchmarked, and the main risks that may occur and be harmful to the bank business sustainability were analyzed. Considering the characteristics of virtual banks, the main concerns of public customers about the IT risks of virtual banks through questionnaire surveys were collected and analyzed. Moreover, the importance of business continuity management to virtual banks was drawn. Secondly, in the case studies, via understanding the overall situation of WeBank, its performance during the COVID-19 pandemic, and the regulations of the Monetary Authority of Singapore, the practice standards of virtual banks in business continuity management were further clarified. At the end, three suggestions for virtual banks in Hong Kong were put forward to reduce customer information security risks through business continuity management, thereby maintaining its business sustainability.

Suggested Citation

  • Haosheng Chen & Daniel Tse & Pengfei Si & Gefei Gao & Chang Yin, 2021. "Strengthen the Security Management of Customer Information in the Virtual Banks of Hong Kong through Business Continuity Management to Maintain Its Business Sustainability," Sustainability, MDPI, vol. 13(19), pages 1-24, September.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:19:p:10918-:d:647822
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    References listed on IDEAS

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    1. Lobna Abid & Afif Masmoudi & Sonia Zouari-Ghorbel, 2018. "The Consumer Loan’s Payment Default Predictive Model: an Application of the Logistic Regression and the Discriminant Analysis in a Tunisian Commercial Bank," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 9(3), pages 948-962, September.
    2. Douw Gerbrand Breed & Tanja Verster & Willem D. Schutte & Naeem Siddiqi, 2019. "Developing an Impairment Loss Given Default Model Using Weighted Logistic Regression Illustrated on a Secured Retail Bank Portfolio," Risks, MDPI, vol. 7(4), pages 1-16, December.
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