KUALA LUMPUR (April 1): Bank Rakyat said it has implemented remedial measures and strengthened its cybersecurity framework following a 2024 cybersecurity incident that resulted in a RM1 million penalty imposed by Bank Negara Malaysia (BNM).
The efforts being taken seek to enhance its technology infrastructure, cybersecurity controls and operational processes, said the cooperative bank in a statement on Wednesday.
“These efforts include improvements in monitoring capabilities, threat detection and governance oversight, in line with regulatory expectations and industry practices,” the bank said, adding that it remains committed to maintaining a secure and reliable banking environment.
BNM, in a statement earlier on Wednesday, said it imposed the penalty on Jan 20 after finding that Bank Rakyat — whose formal name is Bank Kerjasama Rakyat Malaysia Bhd — breached regulatory requirements on cybersecurity and customer data protection.
The lapse stemmed from inadequate cybersecurity controls and incident response measures, which enabled unauthorised access to the bank’s information technology systems during the cyberattack.
According to the central bank, Bank Rakyat settled the fine on Jan 26 this year and has taken steps to strengthen its information and communication technology controls, resources and governance arrangements.