Malaysian Bank Achieves RMiT Compliance
How nCrypt helped a Tier-1 Malaysian bank achieve full Bank Negara RMiT compliance within 6 months while maintaining 24/7 banking operations.
Achieving RMiT Compliance Under Pressure
Bank Negara Malaysia's Risk Management in Technology (RMiT) framework establishes comprehensive cybersecurity requirements for all financial institutions operating in Malaysia. Our client, a Tier-1 Malaysian bank with over RM50 billion in assets, faced a critical deadline to demonstrate full compliance.
The bank's existing security posture had gaps across multiple RMiT domains, including technology risk management, cybersecurity operations, and third-party risk management. With customer data for millions of Malaysians at stake, failure was not an option.
nCrypt was engaged to conduct a comprehensive security assessment, identify all compliance gaps, and guide the remediation effort to achieve full RMiT compliance within the regulatory deadline.
Project Details
- Client
- Tier-1 Malaysian Bank
- Industry
- Financial Services
- Duration
- 6 Months
- Services
- RMiT Assessment, Penetration Testing, SOC Implementation
- Team
- Five-person specialist security team
The Road to Compliance
A phased approach to achieving RMiT compliance without disrupting operations
Gap Assessment
Comprehensive assessment of current security posture against RMiT requirements. Identified 47 critical and 123 high-risk vulnerabilities across infrastructure and applications.
Penetration Testing
CREST-aligned penetration testing of all internet-facing systems, core banking applications, and internal network infrastructure.
Remediation Support
Worked alongside the bank's IT team to prioritize and remediate vulnerabilities. Provided detailed technical guidance for each finding.
Security Controls Implementation
Implemented 24/7 SOC monitoring, enhanced SIEM capabilities, and established incident response procedures aligned with RMiT requirements.
Validation & Certification
Conducted re-assessment to validate all remediation efforts. Prepared documentation for Bank Negara Malaysia review.
Overcoming Complex Obstacles
How we addressed the bank's unique security challenges
Challenge: Complex Legacy Systems
The bank operated multiple legacy core banking systems that were difficult to patch without risking service disruption.
Solution
Implemented compensating controls and network segmentation to protect legacy systems while planning gradual modernization.
Challenge: 24/7 Operations Requirement
All testing and remediation had to occur without impacting banking operations or customer-facing services.
Solution
Developed a phased testing schedule during low-traffic periods with immediate rollback procedures.
Challenge: Tight Regulatory Deadline
Bank Negara required compliance within 6 months, leaving no room for delays or scope creep.
Solution
Established weekly progress reviews with executive sponsorship and dedicated resources from both teams.
Challenge: Staff Security Awareness
Social engineering assessments revealed significant gaps in staff security awareness and phishing susceptibility.
Solution
Implemented comprehensive security awareness training program across the in-scope staff population.
“nCrypt's team understood the unique requirements of Malaysian banking regulations. Their expertise in RMiT compliance was invaluable. They didn't just find vulnerabilities—they worked alongside our team to fix them and build lasting security capabilities.”
Tier-1 Malaysian Bank
Lessons for Financial Institutions
What Malaysian banks can learn from this engagement
Executive Sponsorship is Critical
Having C-level support ensured resources were available and blockers were removed quickly.
Phased Approach Reduces Risk
Breaking the project into phases allowed for course corrections without jeopardizing the timeline.
People are Part of the Solution
Technical controls alone aren't enough—security awareness training closed critical human vulnerabilities.
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