| Siti Hajar |
DESPITE the regulations already in place that oversee the governing of banking operations in Brunei Darussalam, it was stated yesterday that more should be done from a policy-making standpoint to ensure that the local banking industry is up to par in its campaign to be better prepared against cybersecurity challenges.
On the sidelines of the Cyber Security Forum held at the Rizqun International Hotel in Gadong, Chief Technology Officer from Baiduri Bank, Sim Kiem Lee, said that though the country does have in place basic regulatory conditions, “Authorities should delve deeper and set a baseline in security policy,” that can become a standard practice for all banks to adhere to.
With cybercrime being a continuous and evolving threat, agencies that are heavily dependent on Information Technology face risks on a daily basis where data and information can be compromised.
By having in place policies drafted by regulators to ensure certain standards are met, that does not rely too much on initiatives made by financial institutions themselves, translates to “having more focus” where adherence to standardisation of formats, reporting and compliance “is among the more important aspects” of ensuring cybersecurity, especially when taking into consideration that the banking sector is responsible for the accounts of thousands of customers.
In Singapore and Malaysia, for example, authorities continue to provide updated guidelines for financial institutions to abide by with the realisation that significant reliance on complex IT systems and operations exposes them to risks of cyber-attacks and system disruptions.
“With the implementation of standards in Brunei, all those involved in the sector including vendors, merchants and clients will be provided with the assurance that data and information are safe even at the basic level.”
While acknowledging that cybersecurity is not a major concern today when compared to the advent of the Internet, the change in cybersecurity has taken on a more formidable shape in the fight against cyber threats with financial institutions such as Baiduri Bank deploying means to ensure that their establishment is safe from harm.
The daily and even 24-hour monitoring precautions by way of being ahead of such threats, “Keeps us on our toes, and it is always better to overdo our security than taking it for granted, which is why we make it a point to take on a more dynamic approach.”
It was reminded, however, that despite these measures, customers also hold the responsibility of being more vigilant with their data, with financial institutions taking a more proactive role in educating their customers on the importance of being safe when going online.