Financial institutions must be convinced that there is a long term gain by hiring cyber risk specialists, including in-house specialists that can develop timely and customised solutions based on a deep understanding of the institution’s operating systems, business needs and organisational culture. There is also substantial scope for the financial  2  BIS central bankers’ speeches  industry to work more closely with telecommunications firms, internet service providers and other vendors to ensure that cyber criminals do not take advantage of external vulnerabilities to penetrate the security perimeter. In most countries, such initiatives lacked the coordination necessary to provide an effective system-wide defence against cyber crimes. Part of this change will be influenced by the attention and importance that supervisors place on the management of security risks. The role of supervisors and the public sector In the face of further digitisation of the financial sector, the responsibility of financial supervisors in ensuring the stability and integrity of the financial system will become increasingly challenging. Regulatory and supervisory frameworks need to be updated to acknowledge the significance of cyber security threats. It is necessary for us to establish a clear expectation on the management of such risks by financial institutions. We should outlined clearly in key areas that could cause threats such as outsourcing arrangements with third party service providers, stress testing, anti-money laundering requirements and business continuity plans.

As the Government has initiated various efforts to integrate people with disabilities into all aspects of life, the financial industry should also continue to play a more pro-active role in providing an enabling environment to ensure that their fundamental rights to have access to the banking and insurance products and services are actively promoted. Taking into account the Persons with Disabilities Act 2008, the financial industry are expected to give appropriate consideration and take necessary measures to ensure services and facilities are accessible by all in the OKU community. Clearly, these obligations signify our accountability and responsibility towards providing the necessary access for members of the OKU community and not to deny their rights to be included in our financial system. Moving forward, under the RMK11 recently announced, the Uniform Building By-Laws, 1984 is going to be strengthened with greater mandate to include the enforcement power of the authorities. With this possible enhancement to the legislation, the financial industry need to be ready to face this changing landscape whereby there is a possibility that action could be taken against those service providers that fail to provide the enabling environment to the OKUs. Against these backdrop of higher expectation from the OKU, stronger legislation and our aspiration of more inclusive financial system, today’s program provides a platform for us to further understand the needs of the disabled, to be more preemptive and anticipatory in our approach and to collaboratively work towards ensuring that the financial industry of Malaysia becomes completely disabled-friendly and truly inclusive.