Bank Negara Malaysia (BNM) and CyberSecurity Malaysia have signed an MoU to strengthen cybersecurity in Malaysia’s financial system. This partnership involves the joint development of robust cybersecurity strategies, information sharing, best practices exchange, and technical support to address emerging cyber risks, contributing to the resilience and cybersecurity preparedness of the nation’s financial sector.
29 January 2024 – In a move to fortify cybersecurity defenses in Malaysia’s financial system, Bank Negara Malaysia (BNM) and CyberSecurity Malaysia have formalized their commitment through the signing of a Memorandum of Understanding (MoU). This collaboration aims to strengthen the nation’s financial sector by jointly developing robust cybersecurity strategies, fostering seamless information sharing, exchanging best practices, and providing technical support to tackle emerging cyber risks.
The MoU, inked by Aznan Abdul Aziz, Assistant Governor of Bank Negara Malaysia, and Dato’ Ts. Dr. Haji Amirudin Abdul Wahab, CEO of CyberSecurity Malaysia, signifies a pivotal step towards enhancing the cybersecurity preparedness of Malaysia’s financial landscape. The agreement was witnessed by key figures including Encik Ma. Sivanesan Marimuthu, Deputy Secretary General of the Ministry of Communications, Datuk Jessica Chew Cheng Lian, Deputy Governor of Bank Negara Malaysia, and General Tan Sri Dato’ Sri (Dr.) Haji Zulkifeli bin Mohd Zin, Chairman of CyberSecurity Malaysia.
Assistant Governor Aznan Abdul Aziz emphasized the importance of cybersecurity in the rapidly digitizing financial services landscape. He stated, “As the pace of digitalisation of financial services continues to accelerate, BNM continues to place a high priority on ensuring that financial institutions remain resilient against current and emerging cyber threats. This partnership with CyberSecurity Malaysia strengthens our combined incident response capabilities together with financial institutions and supports the proactive measures we are taking to preserve a safe and secure environment for development and innovation in the financial sector.”
Dato’ Ts. Dr Haji Amirudin Abdul Wahab, CEO of CyberSecurity Malaysia, underscored the broader significance of cybersecurity in today’s digital world. He remarked, “Cybersecurity is a fundamental component of today’s digital and hi-tech world. Other than technical issues that are widely discussed in the ICT domain, it also contributes to economic growth as well as human capability development. Undoubtedly, it is vital to address the vulnerabilities associated with recent technological advancements in order to establish a secure and safe workplace environment. Thus, today’s MoU defines a strategic partnership between two entities, alongside exchange of cyber threat intelligence to further enrich surveillance of the threat landscape between CyberSecurity Malaysia and the financial industry.”
This collaborative effort signifies a proactive stance by the Malaysian authorities to ensure the resilience of the financial sector against evolving cyber threats, fostering a secure environment for technological innovation and development.
