By 20192, cyber-crime could reach up to $ trillion, which is three to four times the total banking asset in Malaysia3. Domestically, we saw persistent increase in cyber security incidents reported to the Malaysia Computer Emergency Response Team with the majority of these cyber incidents being related to fraud and intrusion. The threat is imminent not only in the private sector, but also in the public sector. Enhanced security framework and proper mitigating strategy and action plan is vital in order to manage the risk and alleviate the impact of any potential attack. A research done in 2016 in the US showed that only 37% of the financial services industry have a Cyber Security Incident Response Plan. I believe that our financial industry needs to be in greater state of preparedness on this. Emerging Terrorist Financing Threats Terrorism financing continues to pose significant threat to the financial industry, with larger ramifications that reverberate to political stability and the loss of lives. Importantly, the terrorism financing threat continues to evolve alongside technology. While traditional methods such as mule accounts and cash smuggling continue to be the main feature of terrorism financing, terrorist organisations and actors have not been slow in exploiting new technologies and financial 2/4  BIS central bankers' speeches  products. Social media platforms, online crowdfunding websites and e-wallet services are increasing in popularity among terrorists to gather their resources, especially with the increasing trend in remote radicalisation and “lone-wolf” actors.
A particular benefit was that we were able to access deeper and private information not available to analysts to run the tests; the resultant reports and briefing sessions are always attended with great interest by the market. Charlotte Gerken Executive Director, Insurance Supervision  Annex  ©2023 Bank of England