Malaysian financial institutions required to test cyber readiness annually
BNM says institutions may need to halt some online services after an attack while investigators assess whether operations can safely resume.
Malaysia’s financial institutions are required to hold yearly cybersecurity drills and maintain safeguards against digital threats, Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour said.
In remarks to Bernama, the governor said the exercises required under BNM’s Risk Management in Technology (RMiT) policy assess weaknesses in banks’ systems and their ability to continue functioning following a security breach.
Abdul Rasheed said institutions should take preventive action while also being ready to identify and contain threats quickly. BNM keeps its regulatory framework under review as cyber risks evolve, he added.
The central bank and financial institutions also share intelligence through reporting mechanisms and dedicated platforms. He said these arrangements support early identification of threats and help prevent problems spreading through the sector.
Readiness matters for institutions of every size, the governor said. Connections across the financial system mean that a vulnerability at even a small bank could create risks elsewhere.
Following an attack, he said, containment would come first: affected systems would be isolated, links disconnected if needed and other systems checked for exposure. Some online operations might be suspended during investigations and security reviews. BNM expects recovery to limit disruption and keep customers’ information protected.
