Malaysia’s Cybersecurity Act 2024 (Act 854): Building trust and seizing global opportunities

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The story "Malaysia’s Cybersecurity Act 2024 (Act 854): Building trust and seizing global opportunities" was covered 18 hours ago by Digital News Asia, a news publisher based in Malaysia.

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Malaysia’s Cybersecurity Act 2024 (Act 854): Building trust and seizing global opportunities - Digital News Asia

Quick Summary:

The legislation is designed to help fortify digital defences among the nation’s most critical organisations and positions Malaysian businesses for success both locally and globally. Dr Megat Zuhairy, CEO of the National Cyber Security Agency (NACSA), previously said, "The Act strengthens Malaysia’s cyber-resilience, protects key infrastructure, and drives economic growth by enhancing business confidence and enabling smoother international trade and cooperation.”

It also paves the way for future amendments and new regulations, such as a new Malaysia Cybercrime Bill being drafted to tackle modern threats in an evolving risk landscape. This has the potential to address the rising threats to network and communications security, as well as enhancements to protect against online harm.

She further emphasised the financial and operational toll of these attacks, stating, "The repercussions are considerable: 71% of businesses reported financial losses, 66% suffered reputational damage, and 59% experienced data breaches.”