Current downtime policy aligns with international standards, says BNM

Free Malaysia Today

MCA president Wee Ka Siong yesterday said the central bank’s unscheduled downtime policy is too lenient.  Read More:  https://www.freemalaysiatoday.com/category/nation/2024/08/16/current-downtime-policy-aligns-with-international-standards-says-bnm/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #BankNegaraMalaysia #InternationalStandards #AbdulRasheedGhaffour

Transcript

00:00I think for the penalty, as I said earlier on, I think we're very serious about this.

00:07I think we do take actions on the banks.

00:09And in terms of the 120 minutes downtime MTD, this is something actually is consistent with

00:16international practices.

00:19So our expectation is actually consistent with that, and so it's fair when they fail

00:23to meet that, that's why we take the action against institutions.

00:28Can we invite the Minister to add on this?

00:30Thank you, Governor.

00:31So our expectations for banks as far as operational resilience is concerned is largely guided

00:37by risk management standards for information technology that we've issued.

00:41And we expect banks to follow those standards, where they fall short, as we've done, we will

00:45impose penalties.

00:47We have in addition also issued expectations and measures to combat fraud.

00:52So these are things that we do from time to time and we will continue to do that.

00:57I think what is important is we are also increasingly focusing on strengthening the bank's capability

01:03to recover from incidents of disruption.

01:06I think we cannot eliminate entirely the possibility that these disruptions may occur from time

01:11to time, but what is important is the bank's ability to recover.

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Transcript

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