Rather than taking a “check the box” approach, organisations should implement an integrated and cross-discipline effort in order to adopt an enterprise-wide program of cyber risk management that is tailored to business objectives, while also maintaining a tolerable level of risk. By taking an integrated approach to the broad objectives of cybersecurity management, organizations can achieve these business and security-focused goals, while also achieving regulatory compliance in an effective and efficient manner. Ultimately, cyber resilience which is the ability to defend, respond to, and recover from a breach, should be the end goal for organisations. Although compliance is rightly prioritized in the highly regulated financial services industry, being compliant should be viewed as a result of having good security practices rather than as a check-the-box exercise that is expected to guarantee security. The focus should be shifted toward conducting good cyber due diligence and assessments, implementing proper detection controls, having effectively enforced third-party risk and insider risk programs and conducting testing such as red teaming in order to simulate the organisation’s response in the event of a serious attack. If such practices are implemented, organisations can stay ahead of industry regulations and embrace innovation, because their response to any new cybersecurity requirement is less likely to demand a dramatic overhaul of their current program. The world today is remarkably different from the world we were living 20 years ago. The world is fast converging in aspirations and ideals because of globalization and technology, and with that comes different risks.

Mohd Adhari Belal Din: Cybersecurity – safeguarding the future for innovative financial inclusion Remarks by Mr Mohd Adhari Belal Din, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the "Cybersecurity: Safeguarding the Future for Innovative Financial Inclusion", Kuala Lumpur, 1 August 2017. * * * It is my privilege to welcome you to this landmark event – A very important policy forum for policymakers and regulators to discuss on the significance of cybersecurity in safeguarding the future for innovative financial inclusion. Intersection of financial inclusion and cybersecurity As digital financial services expands in reach, scope and scale, cybersecurity matters a great deal for policymakers and regulators with financial inclusion mandates. The fast-changing digital landscape has brought the financially excluded and underserved populations into the formal financial system, bringing about a positive impact on economic growth and stability. However the rapid paced innovation of digital financial services also opens up opportunities and incentives for cyber-attacks, which challenges the fundamental principles of information risk and cybersecurity management. Leaders must understand the risks associated with digital innovation, and balance the imperative to protect their organisations and consumers with the need to adopt innovative technology approaches. The likelihood for cyber-attacks and fraud is exacerbated by those who are inexperienced with formal financial services and unfamiliar with consumer rights. Low financial and technology literacy amongst consumers could translate to greater vulnerabilities and exposures.