BNM plans to introduce its policy on technology risk management in June, providing guidelines for financial institutions to combat the rising incidence of cybercrime.
BNM (Bank Negara Malaysia) plans to launch its ‘Risk Management in Technology’ policy in June, in its bid to step up the fight against cybercrime, according to reports.
A draft of the policy document was issued in September 2018, outlining the central bank’s expectations on the risk management frameworks and practices of financial institutions based on their size and complexity. It will apply to all licensed financial institutions, including banks, insurers, takaful operators, prescribed development financial institutions, operators of designated payment systems and eligible issuers of e-money.
BNM aims to provides guidelines for financial institutions to combat the rising incidence of cybercrime. Last year, there were nearly 10,000 cases, according to Amirudin Abdul Wahab, CEO at CyberSecurity Malaysia, a government-mandated agency for cybercrime monitoring.
Of the total reported cases of cybercrime last year, more than half involved cyber fraud and amounted to millions of ringgit. The new policy is…
