This article first appeared in Digital Edge, The Edge Malaysia Weekly on January 8, 2024 – January 14, 2024
In the dynamic and ever-changing realm of today’s digital landscape, the importance of information security cannot be overstated. As organisations increasingly depend on technology to drive their operations, the looming spectre of cyberthreats remains an unrelenting and pressing challenge.
For financial institutions (FIs), in particular, information security goes beyond protecting sensitive customer data; it encompasses safeguarding the stability of the global financial system. To that end, a risk-based approach, assessment and management strategy are indispensable to mitigating the threats and vulnerabilities inherent in this industry.
In a move to bolster technology risk management practices, Bank Negara Malaysia in June 2023 announced updates to the Risk Management in Technology (RMiT) policy. This updated policy serves as a guiding beacon for FIs to strengthen their cloud risk management capabilities.
These updates are driven by two critical factors: to provide an alternative for FIs to adopt cloud computing for critical systems and the imperative to those already…
