Cloud Security Alliance Releases Malaysia Financial Sector Cloud 
Adoption Report

Survey offers insight into areas of cloud adoption, IT security budgets, cloud computing, cyber security skills

KUALA LUMPUR, MALAYSIA – August 20, 2018 – The Cloud Security Alliance (CSA), the world’s leading organization dedicated to defining and raising awareness of best practices to help ensure a secure cloud computing environment, and Malaysia Digital Economy Corporation (MDEC) today released the results of a joint survey, Cloud Adoption in the Malaysia FSI Sector, which surveyed IT and security professionals in Malaysia’s FSI about their cloud service adoption plans and priorities. The results were announced in Kuala Lumpur at the inaugural CSA Malaysia Summit, where Dato’ Ng Wan Peng, COO of MDEC; Jim Reavis, co-founder & CEO of CSA; and Ramesh Narayanaswamy, CIOO of CIMB Group Holdings were among the keynote speakers.

As a part of the Summit, CSA also organized a Roundtable on “Banking 4.0 - Digital Transformation, Opportunities & Challenges” aimed to work on the next level study of the survey conducted. This Roundtable was sponsored by Microsoft.

Although heavily regulated internationally, today’s financial services institutions (FSI) face similar pressures experienced by their compatriots in lesser-regulated sectors. There is an urgent need to embrace digital transformation to leapfrog competitors, enhance agility, and increase efficiency to better serve the modern digital consumer in this fast-paced economy. Significantly higher confidence levels in cloud security today have rendered the cloud a key enabler in overcoming these challenges. Seeing this trend, CSA and MDEC jointly conducted the “Cloud Adoption in the Malaysia FSI Sector” survey to gain a deeper understanding of the current and future state of cloud adoption in the region.

“Besides raising awareness of cloud adoption in the FSI sector, the survey also aimed to uncover obstacles that may have impeded cloud adoption by the banking sector within Malaysia,” said Dr. Lee Hing-Yan, Executive Vice President, CSA Asia Pacific. “Although separate studies have shown that the Malaysian government has done well in putting strong e-government plans in place, the government can further accelerate cloud adoption by introducing progressive guidelines. The increased clarity will help FSIs to continue reaping the benefits of cloud, while maintaining adherence to regulations.”

MDEC's Director/Enabling Ecosystem Wan Murdani Wan Mohamad, Ir, commented:

“Malaysia’s shift towards becoming a developed, sustainable digital economy requires the transformative use of a secure and robust cloud ecosystem. As indicated by the study, a vital aspect of Malaysia's transformation encompasses successful cloud adoption, which means that we must prioritise the future-proofing of our cybersecurity sector as an important aspect of our drive to build on the growth of cloud adoption by the FSI and, indeed, all sectors of our economy.”

The report published key findings in the areas of cloud adoption, IT security budgets, cloud computing, and cyber security skills, as well as cloud service compliance and regulations. Among the main findings:

“We would like to thank MDEC for their ongoing support and contributions to this survey and to our broader efforts to understand and educate the market on cloud adoption in APAC,” added Dr. Lee.

CSA has conducted similar adoption studies in China (https://www.csaapac.org/fsisurvey.html) and India (https://www.csaapac.org/2016-cloud-adoption-and-security-in-india-survey-report.html). Cloud Adoption in the Malaysia FSI Sector paper is a free resource. Download the full survey report now.

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