Comply with RMiT Malaysia Regulation
Embrace Regulatory-Grade Security for Mobile Banking Apps with Zimperium
What is the RMiT Malaysia Regulation?
The Central Bank of Malaysia has recently mandated a critical regulation, acknowledging the importance of fortifying digital platforms and mobile applications in safeguarding a bank’s integrity. In an era where technology underpins the banking sector, the reliability of digital services is pivotal in maintaining consumer trust.
Given the stakes involved, banks are required to bolster their defenses against the sophisticated wave of cyber threats. Continuous enhancement of their technological resilience is no longer a luxury but a necessity for providing seamless services and securing sensitive customer information against the backdrop of an increasingly complex digital ecosystem.
For larger and intricately-connected financial institutions, the robust management of these technology-related risks is crucial. It safeguards not just the individual entity but fortifies the broader financial network, thereby preserving overall confidence in the financial system.
Why is it Important?
The importance of RMiT Malaysia Regulation for mobile banking cannot be overstated, particularly as digital transformation accelerates within the financial sector. Here’s a few reasons why RMiT is critical for the industry:
- Enhanced Security Framework: With the adoption of RMiT, financial institutions are mandated to establish a more secure framework for managing risk in technology, including safeguarding sensitive customer data and financial transactions against cyber-attacks and data breaches.
- Standardization Across the Industry: RMiT helps create a uniform approach to risk management technologies in Malaysia.
- Regulatory Compliance: Financial Institutions that meet or exceed RMiT standards can avoid costly sanctions and legal issues that arise from non-compliance.
- Cyber Fortification: By mandating requirements like multi-factor authentication, financial institutions can better protect access to systems and information, reducing the likelihood of unauthorized breaches.
Future-proofing the Financial Industry: RMiT regulations prepare Malaysian financial institutions not just for the present but for the future landscape of financial technologies.
Who Does it Apply to?
The RMiT Malaysia Regulation applies to Malaysian financial institutions (as described in paragraph 5.2) in order to establish the necessary frameworks, management structures, policies and procedures to ensure institutions maintain their cyber exposure to a level commensurate to their risk.
How Can Zimperium Help with Compliance?
Zimperium’s Mobile Application Protection Suite (MAPS) provides four capabilities, including Mobile Application Security Testing (MAST), App Shielding, Key Protection, and Runtime Protection (RASP). The RMiT Regulation requires financial institutions to “ensure digital payment, banking and insurance services involving sensitive customer and counterparty information offered via mobile devices are adequately secured.” By implementing Zimperium’s MAPS, institutions have runtime protection, app security testing, and app shielding that will ensure compliance with this particular standard. The suite provides mobile app teams with centralized threat visibility and comprehensive in-app protection from development through runtime. It combines both inside-out and outside-in security approaches to help organizations build compliant, secure, and resilient mobile apps.
Stay Compliant with Zimperium
Zimperium helps banking institutions meet the following regulatory requirements related to security:
Reserve Bank of India (RBI)
Payment Security Controls
Monetary Authority of Singapore
MAS Guidelines
Hong Kong Monetary Authority (HKMA)
Enhancement to Security of Electronic Banking Services