Cybercrime For Financial Services in Malaysia

cybercrime financial services

Now more than ever, cybercrime for financial services in Malaysia is a pressing issue.

The COVID-19 pandemic led a surge in digital innovation and technological adoption, especially in the financial sector.

People are no longer generating data purely from ATMs or banks but instead via online banking, e-commerce platforms and more.

However, cashless payments have made cybercrime for financial services a bigger cause for concern. Cybercriminals are exploiting data to impersonate individuals, gain access to sensitive information and more.

Read on to discover how we can deal with cybercrime for financial services in Malaysia.

How Cybercriminals Attack Employees Working from Home

How Cybercriminals Attack Employees Working from Home

The Financial Stability Board (FSB), an international body that monitors the global financial system, has found that the increasing number of employees working from home is contributing to a rise in cyberattacks.

Working from home has propelled the adoption of new technologies and accelerated digitalisation. However, it also increased cybercrime in financial services, where workers at home fall victim to phishing, malware and ransomware by cybercriminals.

The FSB also reported that greater reliance on virtual private networks and unsecured Wi-Fi access points created new challenges in safeguarding data and other cyber security issues, leaving IT departments struggling to secure remote workers.

Four Steps to Protect Your Data

Although cybercrime in the finance service seems to be an ever-increasing problem, there are some practical steps that can be taken to minimise a business’s vulnerability to attacks.

Here are four steps businesses can enforce to protect their data from cybercriminals:

1. Leverage The Power of Cognitive Technologies

Improve your IT team’s response to threats with artificial intelligence to strengthen authentication methods and reduce cyber risks.

Read More: The Dark Side of ChatGPT: 3 Vital Hidden Risks to Know

2. Utilise Data Security and Privacy Measures

Satisfy mounting governance, risk and compliance requirements by implementing better data security policy, data protection, access controls and monitoring.

3. Get Ahead of Threats by Preparing in Advance

Achieve better control over security breaches by incorporating security intelligence, incident response and remediation into a strategic playbook ahead of time.

4. Practice and Enforce Good Security Fundamentals

Experts agree that businesses can stay ahead of cybercriminals by continually evolving protective technologies and solutions.

For example, decreasing the cybersecurity skills gap, enforcing anticipatory measures, and adopting cloud services and AI will help organisations safeguard their financial services against cybercrime.

These tactics will also allow organisations time to develop countermeasures and responses to minimise any potential damage from unprecedented attacks.

Read More: The Dark Side of ChatGPT: 3 Vital Hidden Risks to Know

Aegis Cloud Endpoint Backup (CEB)

Aegis is a trusted cloud service provider with a broad range of cloud backup and disaster recovery solutions. With our Aegis Cloud Endpoint Backup (CEB), your data is automatically and silently backed up across all endpoint devices such as desktops and laptops.

With global deduplication, incremental restoration, secure protection and global location tracking, Aegis CEB is designed for the needs of businesses today.

Moreover, your data is safe from human error, malware and theft, especially if your business practices remote working.

Read More: Top Questions You Should Ask to Evaluate Your Cloud Service Provider

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