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BNM instructs iPay88 to further strengthen cyber security controls following data breach incident earlier in the year

Digital News Asia LogoDigital News Asia1 mo ago

BNM instructs iPay88 to further strengthen cyber security controls following data breach incident earlier in the year - Digital News Asia

Quick Summary:

Bank Negara’s statement follows on the heels of its initial response on 12 Aug to the potential iPay88 data breach incident announced by the fintech on 11 Aug where it confirmed a possible cyber security incident affecting user card data involving its online payment portal users.iPay88 never publicly disclosed the actual period when the breach happened only saying that since May 31 it had utilised cyber security experts to curb the potential breach and that "the process of blocking was successfully completed and no suspicious activities were detected since July 20.”

Bank Negara in its statement the next day, 12 Aug, sought to reassure the public that the breach originated from and was confined to iPay88’s payment card systems and did not involve vulnerabilities in the country’s banks’ systems. 

Meanwhile in its own press release today, iPay88 said that the cybersecurity breach was the product of a sophisticated intrusion by an unidentified party or parties.


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Article Details

Author / Journalist: karamjit

Category: EconomyStartups

Markets:

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Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-10-07 @ 13:39:23 (1 months ago)

News Timezone: GMT +8:00

Ranking: #635 (out of 2913 stories this day)

News Source URL: digitalnewsasia.com

Language: English

Article Length: 489 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Digital News Asia

News ID: 783104

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Main Topics: EconomyStartups

Official Website: digitalnewsasia.com

Update Frequency: 2 posts per day

Year Established: 2012

Headquarters: Malaysia

News Last Updated: 1 days ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Publisher ID: #18

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