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Hackers have gotten clever and are targeting us in previously-unimaginable ways. The recent QR Code bubble tea scam is just one the incredulous ways malware is being used. When these malware attacks ultimately lead to hacked bank accounts, who is at fault? Monetary Authority of Singapore is taking new cybersecurity steps and is working closely with banks to address the risk of malware-related scams.
Bank Negara Malaysia also recently released an update to its Risk Management in Technology (RMiT) policy document. This policy includes strict requirements for securing mobile applications used by customers as well as mobile devices used by bank employees. These are just the latest regulatory actions amongst the varying local standards and operational complexities that make meeting all of the cybersecurity-related compliance requirements a challenge for APAC banks.
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