{"id":19813,"date":"2023-08-09T16:06:17","date_gmt":"2023-08-09T08:06:17","guid":{"rendered":"https:\/\/techtrp.com\/?p=19813"},"modified":"2023-08-09T16:13:44","modified_gmt":"2023-08-09T08:13:44","slug":"building-a-resilient-cyber-defence-for-malaysias-financial-and-banking-industry","status":"publish","type":"post","link":"https:\/\/techtrp.com\/opinions\/2023\/08\/09\/building-a-resilient-cyber-defence-for-malaysias-financial-and-banking-industry\/","title":{"rendered":"Building a Resilient Cyber Defence For Malaysia’s Financial And Banking Industry"},"content":{"rendered":"\n
By Sandra Lee<\/strong><\/strong><\/strong>, Sophos Managing Director for Greater China, Southeast Asia & Korea<\/strong><\/p>\n\n\n\n The finance and banking sector in Malaysia is experiencing rapid digital transformation, driven by technological advancements such as cloud applications, open banking and fintech innovations. However, these advancements also pose an increased risk of cyber-attacks for the industry. <\/p>\n\n\n\n With vast databases containing highly sensitive personally identifiable information (PII), corporate data and financial records, these organisations become attractive targets for cyber-attacks.\u00a0<\/p>\n\n\n\n In recent times, one of the most significant developments has been the professionalisation of the cyber threat economy. Criminal groups have begun specialising in specific components of an attack, such as initial access, ransomware, and information-stealing malware, offering these services to other criminals. <\/p>\n\n\n\n These “as-a-service” models lower the skill threshold required to conduct an attack, resulting in an increase in adversaries and threats. These specialist services provide execution guidance and resources for their criminal customers, thereby enhancing the effectiveness of such attacks.\u00a0<\/p>\n\n\n\n In Malaysia, the frequency and severity of cybersecurity threats have been on the rise, as highlighted by Deputy Minister of Communications and Digital, Teo Nie Ching. Over the past year, the country has witnessed a significant surge in cyber-attacks, including malicious activities such as ransomware attacks, cyber espionage attempts, data leaks and cyber scams. <\/p>\n\n\n\n Cyber Security Malaysia (CSM) reported 4,741 cyber threat cases last year, with 456 fraud cases recorded as of February 2023. In light of this, organisations must recognise the substantial implications that security breaches can have on their operations, finances and reputation and take action. The potential disruptions, costly remedial fees, hefty fines, and loss of trust emphasise the need for organisations to prioritise the implementation of robust technical and organisational measures to build a strong cybersecurity defence.<\/p>\n\n\n\n
\n\n\n\n\n\t\n\t\tThe Growing Threat Landscape<\/span>\n\t<\/span>\n<\/h2>\n\n\n\n
\n\t\n\t\tCybersecurity Challenges in Finance and Banking Industry<\/span>\n\t<\/span>\n<\/h2>\n\n\n\n