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Cybersecurity
Reporting on regulatory requirements, enforcement actions, and best practices to safeguard financial institutions and markets against cyber threats, data breaches, and vulnerabilities through proactive measures.
Cybersecurity
Telekom Malaysia Suffers Data Breach, Over 250,000 Users Affected
By Sanday Chongo Kabange | 04/01/2023
The government has instructed Malaysia’s NC4 and JPDP to investigate the breach and take necessary action. Maybank has also launched its own investigation into the breach.
Custody & Infrastructure
CBIRC Proposes Stricter Rules for Banks’ Custody Businesses
By Editors | 04/01/2023
The draft rules strengthen requirements on internal governance, risk management systems, data protection and security controls within banks’ custody businesses.
Payments & Settlements
BNM Finalises New Rules for Electronic Money Issuers
By Editors | 03/01/2023
E-money issuers with more than 500,000 active users are subject to stricter governance, business continuity management and technology risk management requirements.
Cybersecurity
Korea FSC to Revise Rules to Mitigate IT Security Risks
By Manesh Samtani | 02/01/2023
On-site inspection will be initiated “immediately” in the event that financial services are interrupted for more than three hours due to a computer accident.
Data Privacy
Meta to Pay $725m to Settle Cambridge Analytica Claims
By Editors | 30/12/2022
Facebook allowed Cambridge Analytica to access data of 87 million users. The proposed settlement is the largest ever in a US data privacy class action.
Data Privacy
EU Commission Approves Pilot Use Cases for Digital ID Wallet
By Editors | 27/12/2022
The approved pilots cover payments, travel, and business compatibility. The EU Digital Identity Wallet is expected to go live in 2024.
Cybersecurity
FINRA Issues Additional Guidance on Ransomware Risk
By Sanday Chongo Kabange | 22/12/2022
Attacks have proliferated due to the increased use of technology, continued adoption of cryptocurrencies, and the emergence of Ransomware-as-a-Service models.
Conduct, Culture & Accountability
Five Steps to Address E-Comms Risk and Avoid Regulatory Penalties
By Rupal Patel | 22/12/2022
The industry is playing catch up with the impact of working from home and must ensure e-comms risk is managed in a better way, says Rupal Patel at Acin.
Data Privacy
ASIFMA Asks for Changes to SEBI Cloud Adoption Framework
By Editors | 19/12/2022
ASIFMA says the data localisation requirements in SEBI’s new cloud adoption framework will expose FIs to greater cybersecurity risks while negatively impacting global operations.
Data Privacy
ACCC Fines ING for Breaching CDR Rules, Refuses iSignthis Accreditation
By Editors | 18/12/2022
The ACCC said ING Bank was not capable of receiving consumer data requests from accredited data recipients within the required timelines.
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