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.
Highlights
As the risks that virtual banks may face in customers’ information security, we investigated the potential problems of virtual banks in the face of disasters and conducted quantitative analysis, which gives the qualitative analysis a social and realistic foundation
We found that virtual bank customers tend to use Business continuity management (BCM) plans more for risk prevention and control, and the IT risks will do harm to the banking business sustainability
After the basic comprehension of BCM and the recognition of the risks and the anxieties that the users may face in using the virtual banks, we should find the relationships between the identified risky factors and Hong Kong’s virtual bank users’ understanding in using BCM or the attitude toward applying BCM
Summary
Virtual banks (VB) in Hong Kong have operated for several years, many risks have not been completely prevented and controlled, which may be detrimental to its business sustainability. Based on the theory of business continuity management, this research plans to develop some comprehensive and feasible safety management prevention and control optimization measures for virtual banks to maintain their business sustainability. Business continuity management (BCM) is of crucial importance to the protection mechanism for disaster prevention in the financial industry. With financial institutions paying increased attention to the construction of BCM and business sustainability in order to make BCM more suitable for virtual banks in the future, this research further explored and analyzed some of the best practice for daily operation
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