Hack attacks are on the rise in Malaysia. Now the country’s lawmakers are considering taking off the kid gloves towards both criminals and the companies neglecting to protect their clients.
Amirudin Abdul Wahab, CEO of CyberSecurity Malaysia, the digital defence agency answering to the Communications and Multimedia Ministry, stated, “We should impose a heavier penalty for data breach offenders, including companies that neglected security aspects when it comes to safeguarding customers’ data,” according to The Malaysian Reserve.
He stated that the country’s officials are now considering updating the Personal Data Protection Act of 2010, making it even stricter.
One of the actions considered is to force private companies to develop a data breach management plan aimed at limiting the negative impact of a digital assault.
The government’s official figures reveal there have been 7,667 cyber-related recorded incidents in the country in the first nine months of 2019. Comparatively, there had been 6,182 reported cases in the same period last year.
Cybersecurity is becoming increasingly more important around the world, exemplified by the money invested in the sector.
RegTech Analyst’s data shows that cybersecurity is receiving a bigger and bigger chunk of the money being invested into the RegTech Sector. Whereas the industry only attracted about 13.8% of the grand total RegTech investments in 2015, that number has jumped to 36.9% in the first half of 2019.
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