Malaysia: Adopted Cyber Security Act 2024 including operational license requirement

On 27 March 2024, the Malaysian Parliament adopted the Cyber Security Act 2024. The Act outlines the specific aspects and responsibilities related to cyber security and aims to provide comprehensive coverage of cyber security management, enforcement, and compliance to protect the national critical information infrastructure. The Act mandates entities to obtain a licence for the provision or promotion of cyber security services and only exempts services provided within an affiliate as recognised under the Companies Act 2016. In particular, to obtain a licence, the entities must adhere to criteria established by the Chief Executive, including having a legal record free from fraud or dishonesty