Experian Information Services has recently announced that Bank Negara Malaysia has allowed the company to access the Central Credit Reference Information System (CCRIS) once again. As you may recall, the regulator had suspended all access to the system more than three weeks ago as a pre-emptive measure against potential cyberattacks and data leaks within the credit reporting industry.
According to the Registrar of Credit Reporting Agencies, there are currently eight licenced credit reporting agencies (CRAs) in Malaysia. Experian who operates MyCreditInfo claimed that it is the first CRA to have its CCRIS access reinstated by BNM.
We are unable to truly verify this claim since BNM did not make any public announcement regarding the matter. That being said though, it is also true that the CCRIS suspension notice is still visible on the websites of other well-known CRAs such as CTOS and Credit Bureau Malaysia at the time this article was published.
The announcement by Experian has also provided some insights into what happened behind the scenes following the suspension. The company said that it has embarked on an internal investigation which included a thorough assessment by an independent global cyber security expert, and the report was then submitted to BNM on 14 October as requested by the regulator.
Subsequently, Experian is then allowed to access CCRIS again starting from today, 25 October onwards. To sum things up, it seems that BNM is taking a very cautious and strict approach regarding this matter as per what you may expect although the exact progress is not being made known to the public.