To achieve this, BNM will enforce measures such as requiring all banks in Malaysia to remove clickable hyperlinks in SMS and email communications.

Financial institutions will also be required to implement other safeguards such as restricting customers to one mobile device for the authentication of online banking transactions, strengthening processes for enrolling new mobile devices and changing “trusted devices”.

The central bank said it will focus on responding to emerging issues in a timely manner adding that banks still have ways to go with promptly disseminating accurate information during a cyber crisis.

“In 2022, BNM conducted its first industry-wide cyber drill exercise, BNM RE4CT. With over 270 participants from 35 financial institutions, the drill looked to test readiness in responding to cyber threats”, its annual report said.

Last year, BNM issued seven cease-and-desist orders against illegal money services business (MSB) operators and opened five investigation papers.

This resulted in BNM imposing a total compound of RM50 million against these entities for illegal deposit-taking and the laundering of proceeds from illegal activities.

Additionally, the central bank also secured court convictions against four companies and one individual for illegal MSB, illegal deposit-taking, contravention of banking secrecy requirements and money laundering.

These convictions resulted in fines totalling RM141.4 million and jail terms for the offenders.

On the market conduct front, BNM secured restitutions amounting to RM39.6 million for half a million financial consumers by taking actions to cease unfair industry practices.