Many organisations’ approaches to risk management are “likely to be already severely deficient” in the changing technological environment, said Jessica Chew Cheng Lian, deputy governor at Bank Negara Malaysia.

Citing an industry report, Chew said more than 90% of companies are using “disruptive technologies”, but less than half of them have conducted risk assessments to “deeply understand” the associated risks and their appetite for such risks.

“These observations point to considerable scope