short. the cfi consists of three pillars : ( a ) a cyber resilience assessment framework ; ( b ) a professional development programme ; and ( c ) a cyber intelligence sharing platform. let me elaborate on these three pillars. cyber resilience assessment framework 5. we have about 200 banks in hong kong and they have a very diverse range of business models with understandably very different channels and modes of service delivery. depending on the ways and technology platforms in which their businesses are conducted and delivered, the risk or vulnerability to potential cyber attacks varies from bank to bank. needless to say, the volume and value of banking transactions conducted through the cyber world also matter a great deal. as a result, the level and sophistication of the defence against cyber attacks need not be the same for all the banks in hong kong. so what the cyber resilience assessment framework seeks to establish is a common risk - based framework for banks to assess their own risk profiles and then use these profiles to determine the level of defence and resilience that would be required to accord appropriate protection against cyber attacks, drawing references to the relevant international experiences and good practices. 6. once the risk profile of a bank and the level of resilience needed are established, the hkma will require the bank, under the guidance of the senior management and, where appropriate, the board of directors to put in place proper governance arrangements and processes to achieve the level of resilience in cybersecurity commensurate with the risk profile of the bank. specifically, the hkma will examine how effectively a bank can detect and protect itself from attacks and, when the bank gets hit, how it will respond and how quickly it can recover. clearly if there is a shortfall between what is needed and the actual preparedness, the hkma will follow up with the bank to bring up the level of resilience as soon as practicable. bis central bankers ’ speeches professional development programme 7. a crucial factor affecting the success or otherwise of the cfi is the availability of qualified and competent practitioners who can help the banks and the hkma in the areas of risk assessment, design and implementation of the defence mechanism and the day - to - day management of cybersecurity. unfortunately, there is a general shortage, globally, in the supply of qualified professionals in the field of cybersecurity and hong kong is of no exception. so the second pillar of our cfi is to develop

percentage point to peak at 5. 5 % in september 2009. this compares with the 4. 3 percentage - point increase during the asian financial crisis when no such temporary sme support measures were available. the economy contracted briefly by 2. 7 % in 2009 and rebounded strongly the following year to achieve 6. 8 % growth. as economic conditions improved and market liquidity normalised, the government exited from this emergency measure and ceased to receive new applications of slgs after end2010. in the meantime, the success of the slgs has garnered a consensus to develop a sustainable, market - oriented platform to cater for the ongoing sme financing needs upon the phasing out of slgs. taking this opportunity, the government - owned hong kong mortgage corporation launched a new sme financing guarantee scheme ( sfgs ) on 1 january 2011 to facilitate a smooth transition from the temporary slgs to a sustainable market - based mechanism. operating based on prudent commercial principles, the sfgs does not require government subsidy and the scheme size can be flexibly adjusted to respond to changes in market demand. the sfgs also provides a broad range of options on the product features such as tenor, facility type, loan amount and guarantee coverage to fit the different needs of banks and smes. initial market response to the sfgs has been positive, with a good participation bis central bankers ’ speeches rate from banks and an encouraging number of applications received from a broad variety of smes. it is expected that the sfgs will over time play an important role in helping smes obtain stable and sustainable financing while assisting banks in managing their risks, in particular when market conditions become volatile and uncertain. i am happy to share this experience of hong kong, china of how the “ exit ” of an extraordinary government measure has facilitated the “ entry ” of a long - term market - based solution for sustainable sme financing. i am also pleased to see that, among other priorities, adb has put more emphasis to private sector development including promoting the sme sector in recent years. a vibrant sme sector will create jobs, improve productivity and expand opportunities for the poor in developed and developing economies alike. we hope to see the bank continue with its efforts on this front, along with its other equally important priorities in promoting the development of the region. bis central bankers ’ speeches