Cyber resilience is imperative for all capital market participants and a significant priority for the SC. says Awang Adek.
KUALA LUMPUR: The Securities Commission (SC) is making serious efforts to strengthen the capital market’s overall capabilities and ability to withstand cyber attacks.
Chairman Datuk Seri Awang Adek Hussin said cyber resilience is imperative for all capital market participants and a significant priority for the SC.
“In this regard, the Capital Market Masterplan 3 (CMP3) has outlined several strategic initiatives that need to be undertaken, including strengthening the SC’s and industry’s intelligence capabilities to be better prepared against potential breaches and imminent threats,” he said in his remarks at the closing of the Capital Market Cyber Simulation 2022 event.
Other CMP3 initiatives are developing an approach to bolster the industry’s cyber defence capabilities as well as a framework to regulate technology risks more holistically, he added.
Awang Adek also noted that over 20,000 cybercrime cases with losses amounting to RM560mil were recorded last year.
“Cybercrime is becoming big business, and organisations and governments around the world are paying more attention to cyber risks.
“In order to safeguard investors and markets, we cannot afford to be complacent about cybersecurity. In addition to this, its importance to national security should not be overlooked,” he said.
Awang Adek said as cyber threats increase in volume and sophistication and as technology becomes more essential, cybersecurity requires a holistic approach that addresses both cyber and technology risks.
According to him, the SC intends to release the new Regulatory Framework on Technology Risk Management by early 2023, which will significantly increase the capital market’s ability to detect and mitigate the risks associated with new technologies.
The yearly Capital Market Cyber Simulation event is designed to simulate cyber event scenarios as close to the real situation as possible, and around 110 organisations across the capital market spectrum participated in the year’s exercise. — Bernama
