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

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.

Evaluation of the Benefits Generated by Sustainability 4.0: A Study of the Perception of Banking Sector Customers

“…In the second question, "Does my bank satisfy my needs", the average response was calculated at 4.12, reflecting a generally positive perception regarding satisfaction with the needs met by the bank, which is in line with research studies [20,22]. The standard deviation, in turn, was calculated at 0.934, indicating less dispersion compared to the first question and suggesting greater agreement between the answers.…”

“…Increase satisfaction, ease of use, and reduction in time spent on banking demands Integrity of the services provided; attention to business sustainability [20,21] Artificial Intelligence Improved customer service Loss of privacy and protection, lack of government regulation [22] Fintechs Ease of use, perceived value, quality of support, reliability, perceived risk, innovation capacity, cost reduction.…”

“…Kumar and Prakash [38] complement this perspective, highlighting the central role of the banking sector in the sustainable development of the economy, highlighting its role as an essential facilitator for the transition towards a more sustainable future. Therefore, the sustainability of the banking business is essential for long-term survival and productivity [20]. This concept is intrinsically linked to competitive advantage, a crucial factor for the success of the global differentiation of organizations [12].…”

“…Regarding the occurrence of bank accounts, traditional banks emerged as leaders, representing 57.07% of participants' choices. Notably, 73.33% of customers named traditional banks as their main bank account, a possible explanation for these findings would be the challenges presented by [14] regarding traditional banks, as customers begin to adopt digital banks in their secondary accounts, but also cautiously, due to the possible risks of this new scenario [19][20][21][22][23][24][25][26][27][28][29][30].…”

“…In the first question, "Am I willing to replace the use of face-to-face services/products from my bank with their use on digital channels", the average response was calculated at 4.3, indicating a positive inclination in relation to the willingness to adopt digital channels, as pointed out by [20,21,[23][24][25][26]. Furthermore, the standard deviation was calculated at 1.194, suggesting a certain variability in the responses and indicating the dispersion of the data in relation to the mean.…”