Addressing BNM’s Cloud & Data Risk Management in Technology (RMiT) in Malaysia
Thales helps financial institutions in Malaysia address risks from adopting cloud and other technological innovations.
The financial industry in Malaysia geared up for change after the Bank Negara Malaysia (BNM) released a Risk Management in Technology (RMiT) Policy for Financial Institutions in 2020. RMiT highlights the need to provide and enable a secure framework for technological innovation, as the country and businesses operating in Malaysia shift toward digitization. BNM issued an updated Policy Document on RMiT on 1 June 2023 to preserve public confidence in the financial system.
As the leader in digital security and identity, Thales helps financial institutions comply with Cloud and Data Risk Management in Technology (RMiT) by addressing 6 policy category domains.
Bank Negara Malaysia (BNM)’s Risk Management in Technology (RMiT) policy intended to formalize the risk management programs used when adopting cloud and other technological innovations in Malaysian financial institutions (FIs).
BNM issued an updated new Policy Document (PD) on Risk Management in Technology on 1 June 2023. All financial institutions shall implement robust risk management controls above the minimum regulatory standards to deliver efficient financial services securely and prevent the exploitation of weak links in interconnected networks and systems with robust cyber fortification to preserve public confidence in the financial system.
The key updates to the RMiT PD include:
BNM’s RMiT policy document was come into effect on January 1, 2020. The updated PD is released and effective on 1 June 2023 and supersedes the previous policy document on 1 January 2020 except for paragraphs 10.49, 10.50, 10.51 and 10.52 which will remain applicable until 31 May 2024.
As the leader in digital security and identity, Thales can help organizations address and comply with respective mandates of BNM’s RMiT policy with our integrations with Cloud Service Providers, such as Microsoft Azure, Amazon Web Services (AWS); Google Cloud Platform (GCP), and more.
Our solutions support the RMiT policy categories under the following domains:
System Development and Acquisition:
Data Centre Operations:
Key Risks and Control Measures for Cloud Services: CipherTrust Data Security Platform, CipherTrust Tokenization solutions, CipherTrust Transparent Encryption, CipherTrust Key Management, CipherTrust Cloud Key Management and HSM.
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