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 Al Agent Risk Management
Security awareness training is essential for employees to recognize and respond to potential threats. Al 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 | APRA | Prudential Standard CPS 234: Requires entities to maintain information security capabilities commensurate with the size and extent of threats. | Fulfills mandate of training staff to recognize social engineering, provides Phish Alert Button (PAB) for incident response and phishing simulations. |
| India | Reserve Bank of India (RBI) | RBI Cybersecurity Framework: Outlines baseline controls with a dedicated section on awareness and training. | Provides attack simulations and training, tailored 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 skills to identify and counter cyber threats. |
| Japan | Bank of Japan (BOJ) & FSA | Guidelines on Cybersecurity: Emphasizes risk reduction through detection and recovery. CSSA is used to benchmark security management. | KnowBe4 addresses key CSSA requirements by improving employee resilience against phishing and social engineering. |
| Malaysia / NZ | BNM / RBNZ | RMIT / BS11: Provides detailed frameworks for managing technology risks and outsourcing resilience. | Ensures RMIT compliance through continuous education. PhishER Plus monitors and triages threats reported by staff. |
| Philippines | 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 | 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-Al 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.
