RMiT’s Essential Cybersecurity Guidance for Malaysia’s BFSI Sector in the Digital Era
In June 2023, Bank Negara Malaysia (BNM) updated its Risk Management in Technology (RMiT) policy, providing guidance to Malaysian banking, financial services, and insurance (BFSI) organisations on strengthening cloud risk management capabilities as they transition to the cloud. This policy is considered a crucial step towards a safer digital future, emphasising the need for BFSI organisations to implement stronger risk management controls in anticipation of an expanding attack surface.
As a global cybersecurity leader, Trend Micro is committed to helping BFSI organizations translate policy into strategy to successfully navigate an ever-evolving threat landscape.
Empowering the CISO
Effective governance is a cornerstone of ensuring compliance with the RMiT policy. The appointment and continual empowerment of the Chief Information Security Officer (CISO) is pivotal to effectively implement and steer any cybersecurity plans, as well as facilitating necessary board-level discussions.
The CISO’s role will therefore evolve beyond conventional cybersecurity concerns, extending into the supervision of Service Level Agreements (SLAs) and the assessment of risks linked to the usage of cloud services and third-party assets. To achieve this, CISOs will need to be equipped with comprehensive risk-based data to make well-informed decisions.
In this video, Sapna Sumbly, Director of BFSI Business, Southeast Asia, Trend Micro breaks down BNM’s RMiT and explains how CISOs can strengthen cyber resilience.
SOC maturity
The RMiT policy has also redefined the role of security operations centres (SOCs) and their scope. Their core responsibilities of 24/7 monitoring, threat hunting, and vulnerability assessments will now extend to a broader mandate; to cover on-premises, cloud, and third-party assets.
Sapna Sumbly, Director of BFSI Business, Southeast Asia, Trend Micro demonstrates how Trend Micro’s VisionOne XDR platform serves as a cornerstone in aiding BFSIs through SOC maturity in this video.
Strengthening cloud security
The cloud promises cost savings, increased agility, and greater security. While challenges such as a lack of experienced cloud workers and regulatory compliance exist, the introduction of digital bank licenses is likely to boost the use of the cloud. To successfully embrace cloud technology, BFSIs need to undertake extensive risk assessments. Paul Hidalgo, Head of Cloud Business, ASEAN, Trend Micro shares five tips for strengthening cloud security in line with the new RMiT guidelines in this video.
The RMiT is regarded as a driving force behind improved cyber risk management in the BFSI sector. While navigating the framework is no small feat, prioritizing the areas of CISO empowerment, SOC maturity, and cloud security will place BFSI organizations in a stronger position to secure their cyber resilience. Ultimately, the policy’s strict management standards represent a significant step towards a safe digital future.
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