Executive Summary
As finance functions become increasingly digitized, they also become more vulnerable to cyber threats. This guide provides a practical framework for finance teams in Malaysia to enhance their cybersecurity posture, protect sensitive financial data, and ensure compliance with the Personal Data Protection Act (PDPA) 2010.
The Cybersecurity Threat Landscape for Finance Teams
Finance teams handle a vast amount of sensitive data, including financial statements, payroll information, bank account details, and customer data. This makes them a prime target for cybercriminals who may seek to steal data for financial gain, disrupt operations, or commit fraud.
Key Cybersecurity Best Practices for Finance Teams
- Secure Data Storage and Access: Implement strong access controls to ensure that only authorized personnel have access to sensitive financial data. Use encryption to protect data both in transit and at rest.
- Regular Security Awareness Training: Train your finance team to recognize and respond to common cyber threats, such as phishing emails, malware, and social engineering attacks.
- Multi-Factor Authentication (MFA): Implement MFA for all financial systems and applications to add an extra layer of security beyond just a password.
- Vendor Risk Management: Assess the cybersecurity posture of your third-party vendors, such as payroll providers and cloud accounting software providers.
- Incident Response Plan: Develop and regularly test an incident response plan to ensure that you can respond quickly and effectively in the event of a security breach.
Compliance with the PDPA 2010
The Personal Data Protection Act (PDPA) 2010 governs the processing of personal data in commercial transactions in Malaysia. Finance teams must ensure that they are in compliance with the PDPA when handling personal data, such as employee and customer information. This includes obtaining consent for data processing, ensuring data accuracy, and providing individuals with access to their data.
Related Services
Our Technology Consulting team can help you assess and improve your cybersecurity posture. We also provide Audit & Assurance Services to help you assess the effectiveness of your internal controls over financial reporting.
Last updated: 15 Oct 2025