[Malaysia] Asia Internet Coalition Submits Comments on Bank Negara Malaysia (BNM) – Exposure Draft on Cloud Technology Risk Assessment Guideline (CTRAG) [July 2022]

Download: [Malaysia] Asia Internet Coalition Submits Comments on Bank Negara Malaysia (BNM) – Exposure Draft on Cloud Technology Risk Assessment Guideline (CTRAG) [July 2022]

The Asia Internet Coalition has submitted comments to the Bank Negara Malaysia (BNM) on the Exposure Draft on Cloud Technology Risk Assessment Guideline (CTRAG).

In the past, AIC has worked extensively on key policies in Malaysia such as the Review of the Personal Data Protection Act 2010 (2020), the Anti-Fake News Act (2018), and Bank Negara Malaysia’s Merchant Acquiring Services (2020) as well as Risk Management in Technology (2018), and has submitted recommendations and best practices to ensure that the industry voice is reflected in the regulatory approach. Our member companies would like to assure BNM that they will continue to actively contribute to the digital economy goals of Malaysia and support the rapid adoption of technology by the financial service institutions (FSIs).

We understand that the proposed guideline complements the Risk Management in Technology (RMiT) policy document to strengthen financial institutions’ cloud risk management capabilities. We also recognize the importance of cloud computing services that can help FSIs to reinvent and optimize their relationship with technology, quicken go-to-market access, automate and strengthen security, improve customer experience, and lower costs, compared to traditional IT models. We hope to bring that innovation and security empowerment capability to Malaysia’s FSIs.