Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) have solidified their commitment to regional financial security by entering into a memorandum of understanding (MoU) aimed at significantly enhancing cybersecurity measures and combating the escalating threat of digital fraud.
The agreement, formally executed by the respective central bank governors, marks a pivotal step in strengthening the collaborative defense of the two nations’ financial sectors.
The core of this initiative lies in the facilitation of more robust information sharing protocols, the fostering of joint capacity-building exercises, and the systematic exchange of industry best practices.
This strategic alliance underscores a shared recognition of the imperative to fortify the cyber resilience of their financial ecosystems in an era marked by increasingly sophisticated cyberattacks.
BNM Governor Abdul Rasheed Ghaffour said the central bank’s unwavering dedication to bolstering the resilience of domestic financial institutions and providing enhanced protection for consumers against the ever-evolving landscape of cyber threats.
He emphasized that the partnership with BOT would serve to deepen the cooperative framework in the realm of cybersecurity and the ongoing battle against digital fraud.
“BNM remains committed to enhancing the resilience of our financial institutions and strengthening the protection of our financial consumers against current and emerging cyber threats,” Ghaffour said.
He also highlighted the critical importance of cross-border collaboration in addressing the growing complexity of cyber threats.
He stressed that the joint initiative would enable both central banks to enhance the security and integrity of their financial systems, ultimately safeguarding the interests of consumers in both Malaysia and Thailand.
This agreement comes at a time of heightened concern regarding cyber risks within the Southeast Asian financial sector.
The proactive measures taken by BNM and BOT signal a determined effort to address emerging challenges and ensure the stability of the regional financial landscape, according to the announcement.
The partnership not only aims to enhance the immediate response to cyber incidents, but also to build a long term, robust system of cyber defense, analysts said.