Introduction
The Asia-Pacific and Japan (APJ) region, with its dynamic economic growth and technological advancements, presents unique challenges and opportunities in the realm of human risk management and agentic risk management, particularly within the financial services sector. As financial institutions strive to protect themselves from increasing cyber threats, they must align their security practices with the regulations set forth by central banks across the countries.
Human and Agentic Risk Management in Financial Services
While human risk management involves strategies to mitigate risks posed by human actions, such as phishing attacks and social engineering, agentic risk management focuses on risks associated with automated processes and artificial intelligence. Both are critical in the financial services industry, where the integrity of transaction data and customer information is paramount.
Security Awareness and AI Agent Risk Management
Security awareness training is essential for employees to recognize and respond to potential threats. AI agent risk management involves deploying technology that can predict, identify and mitigate risks autonomously. Together, they provide a comprehensive defense strategy for financial institutions.
Regulatory Landscape in the ASEAN Region
Regulations in the region are crafted to protect financial markets and consumers while promoting transparency and accountability. Below is a table of key financial services regulations from the central banks of major APJ countries, along with insights on how banks and financial institutions can align their requirements with KnowBe4’s approach.
| Country | Central Bank | Key Regulations | Alignment with KnowBe4 |
|---|---|---|---|
| Australia |
Australian Prudential Regulation Authority (APRA) |
Prudential Standard CPS 234 Information Security:
Requires entities to maintain information security capabilities commensurate with the size and extent of threats. |
Fulfills mandate of training staff to recognize social engineering, provide Phish Alert Button (PAB) to ensure robust mechanisms to detect and respond to incidents, and provide phishing simulations. |
| India |
Reserve Bank of India (RBI) |
RBI Cybersecurity Framework for Banks:
Outlines baseline controls with a dedicated section on awareness and training. |
Provides attack simulations and training, tailored training content for executive leadership and PAB for incident reporting. |
| Indonesia |
Bank Indonesia |
Cyber Security Framework: Aims to bolster financial institutions’ cybersecurity posture. |
KnowBe4 supports compliance by equipping employees with the skills to identify and counter cyber threats. |
| Japan |
Bank of Japan (BOJ) & Financial Services Agency (FSA) |
Guidelines on Cybersecurity for the Financial Sector:
Emphasizes the reduction of risk through detection and recovery. Cybersecurity Self-Assessment (CSSA) is used to benchmark security management and focus on risk-based approaches |
KnowBe4 Security Awareness Training addresses key CSSA requirements by improving employee resilience against phishing and social engineering. |
| Malaysia |
Bank Negara Malaysia |
Risk Management in Technology (RMiT): Provides a detailed framework for managing technology-related risks. |
The KnowBe4 Platform ensures compliance with RMiT through continuous education and awareness programs. |
| New Zealand |
Reserve Bank of New Zealand (RBNZ) |
BS11 Outsourcing Policy and Guidance on Cyber Resilience:
Requires banks to have governance and risk management processes for critical functions. |
Ensures staff are trained to handle sensitive information safely, while PhishER Plus can be used to monitor and triage threats reported by staff. |
| Philippines |
Bangko Sentral ng Pilipinas (BSP) |
Enhanced Information Security Program: Strengthens information security across financial institutions. |
The KnowBe4 Platform aligns with BSP’s requirements by fostering an informed and vigilant workforce. |
| Singapore |
Monetary Authority of Singapore (MAS) |
Technology Risk Management Guidelines: Emphasizes the need for robust technology risk management frameworks. |
Offers training that helps employees understand and manage technology risks effectively. |
| Thailand |
Bank of Thailand |
Cyber Resilience Assessment Framework: Focuses on enhancing cyber resilience. |
KnowBe4 helps build a culture of resilience through engaging security awareness training. |
| Vietnam |
State Bank of Vietnam |
Circular on Information Security: Guides banks on maintaining robust information security measures. |
KnowBe4 aids in meeting these standards with targeted attack simulation and training. |
Forging a Resilient Future: Human-AI Collaboration in a Fragmented Regulatory Landscape
Financial services institutions in the APJ region must navigate a complex regulatory environment while addressing both human and agentic risks. By leveraging the KnowBe4 Platform, these institutions can align with regional regulations and enhance their overall risk management strategies. This proactive approach not only safeguards sensitive data but also strengthens the trust of customers and stakeholders.
