Utimaco urges Malaysia financial sector to consider cryptographic security
Published on: Friday, March 08, 2024
By: Bernama
Regional Marketing Head, Asia Pacific and Japan, Utimaco GmbH Robin Kong (left), Country Manager , ASEAN, Utimaco GmbH Eddie Yong (middle) and Chief Executive Officer Securemetric Bhd Edward Law (right) during a media briefing on cryptographic security today. Credit: Utimaco.
Kuala Lumpur: Global IT security solutions provider, Utimaco has urged Malaysian businesses in the banking, financial service and insurance sector to consider the critical role of cryptographic security in protecting their sensitive customer data.
Utimaco GmbH country manager for Asean, Eddie Yong believes that organisations with critical data storage could leverage Utimaco’s Hardware Security Modules (HSM) which protect information by transforming it into an unreadable format.
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He said the HSM is a key strategy in enhancing data security and compliance, as well as mitigating cybersecurity risks, especially with the more prevalent use of technology in banking and finance.
“In the updated Risk Management in Technology Framework by Bank Negara Malaysia (BNM), HSM was one of the methods listed that businesses can adopt when establishing a strong cryptography policy as it supports encryption or decryption computation in a protected environment,” he said in a media briefing.
According to Yong, businesses are increasingly relying on cloud services for their computing needs, leading to a surge in the volume of sensitive data being transferred and stored on cloud platforms.
“This shift, coupled with the rise of cyber threats, has necessitated the use of high-performance HSM for efficient user and device authentication, data access control and data privacy protection.
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“Ensuring compliance with local laws and BNM regulations is critical to safeguarding sensitive data and maintaining trust with customers, in line with the government’s aspirations to enhance Malaysia’s preparedness against the threat of cyber-attacks,” he added.
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