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Luk Fook Fined HK$2.1 Million for Inadequate Cybersecurity Protection

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Luk Fook (International) (HKG:0590) has been publicly reprimanded and fined HK$2.1 million by the Securities and Futures Commission (SFC), according to a Tuesday release by the latter.

The action came as Luk Fook did not put adequate cybersecurity control measures in place, potentially making it more vulnerable to a ransomware attack on Sept. 19, 2022.

The ineffective protection measures led to a breach of the SFC's cybersecurity framework requirements as the company faced a delay of around three weeks in recovering its systems from the attack.

Luk Fook has since worked on identifying the root cause of its failings, improving its systems and controls, and working with the SFC to resolve its concerns.

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