As of August 19, 2024, the Securities Commission Malaysia (SC) has introduced its updated Technology Risk Management Guidelines.
These new regulations supersede the former Cyber Risk Management Guidelines, shifting the focus from purely cybersecurity concerns to encompass a wider spectrum of technology-related risks. Originally launched in August 2023, the revised guidelines aim to bolster the operational stability, security, and resilience of entities within the capital markets against technological disruptions.
The SC’s new framework outlines essential risk management practices, including managing changes, overseeing third-party vendors, and adhering to reporting standards.
The recent outage of CrowdStrike highlights the critical need for these guidelines, revealing vulnerabilities in digital systems and the broad implications for organizations.
The SC stresses that following these updated guidelines is vital for addressing immediate risks and ensuring a robust and secure technological environment in the capital markets.
To facilitate this transition, the SC has revised several related guidelines and issued a set of Frequently Asked Questions (FAQs) to provide additional clarity for market participants.
