A Brief Note on Malaysia’s Payment Systems Act 2003

By: Sonny Zulhuda

Introduction

Malaysia regards electronic commerce as a powerful driver for the national development and economic growth. This belief has be reinforced by the setting up of national policies and laws seeking to ensure that processes, tools and technologies are put in place to facilitate the electronic commerce. Among those laws is the Payment Systems Act (‘PSA’) 2003 (Act 627) which came into force on 1st November 2003). It is a principal legislation which provides for the framework for the regulation and supervision of the payment systems and payment instrument in Malaysia.

When anticipating the birth of this law, the Central Bank Governor emphasized that the study on the legal and regulatory framework was undertaken to enhance the efficiency of payment system and to specifically provide the mandate to the Central Bank of Malaysia to effectively oversee and facilitate greater development of such system in the country.

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E-Commerce Act 2006: An Information Security Perspective

By: Sonny Zulhuda

(This article first appears in the E-Security Bulletin vol. 18 – (Q1-2009), published by CyberSecurity Malaysia in 1st Quarter of Year 2009, under the title ‘The requirement of information availability in the E-Commerce Act 2006’)

One of the key components in information security is the information availability, which seeks to ensure that authorized users have access to information and associated assets whenever required. This availability factor is so important to the extent that its deficiency can adversely affect other aspects of information security, namely the integrity and confidentiality of information.

This significance cannot be seen bigger in the area of electronic commerce. Imagine if the security of an information system used by an e-payment service provider is compromised by a denial-of-service (DOS) attack thus affects the availability of service, not only are the commercial data and the electronic processing thereof being jeopardised, but also the whole supposedly-trusted system can fail miserably. Continue reading

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