Ensuring Data Security and Confidentiality in MBRS Reporting for the Financial Sector

The Malaysian Business Reporting System (MBRS) is a highly advanced digital filing system. Utilizing the eXtensible Business Reporting Language (XBRL), it allows the streamlined submission of annual reports and other essential financial statements and documents to the Companies Commission of Malaysia. 

With its many advantages, such as maintaining transparency, cost efficiency, and timely and accurate submissions, MBRS XBRL reporting in financial sectors promotes: 

• Corporate compliance procedures 
• Better data analysis 
• Improved decision making 
• Reliability, etc. 

Even though this system ensures privacy and, most essentially, XBRL data security, it is crucial to be extra careful when it comes to MBRS reporting for the financial sector. 

Practical ways to achieve Data Security in MBRS Reporting: 

• Encryption of all Data and Devices:

  When sending data between your company and the MBRS platform, use safe, encrypted communication methods (such as TLS/SSL).To prevent unauthorised access, encrypt critical information before storing it in databases or on servers. This entails making use of powerful encryption techniques and often upgrading encryption keys.

• Data Backup:

  Regularly backing all your data is one approach to rapidly increasing data security for your firm. Hence, make sure backups are safely kept and are simple to recover in the event of data loss or system faults. If this practice is implemented, one can retain all valuable data.

• Two-factor Authentication:

  Utilising two-factor authentication on all team members’ accounts, not just your own, is a free and straightforward approach to increasing security right now. Although requiring more than just a username and password for authentication may seem cumbersome, it is highly effective. Make sure to enable two-factor authentication if the account supports it.

• Regular Auditing:

  Set up ongoing audits and monitoring of all MBRS system activities. Login activity, data access, and modifications to financial reports are all tracked in this. Use security information, event management (SIEM) tools, and intrusion detection systems (IDS) to detect and address suspicious activity quickly.

• Communication:

  Reminding your staff about fundamentals like phishing schemes helps prevent future problems. Additionally, you’ll see that your team is more adept at recognising questionable activity, which is always a plus for increased security. Training employees in data security best practices, including detecting and addressing security threats, phishing, and social engineering attacks, is essential. Encourage a security-conscious culture within your company.

Why Choose DataTracks for MBRS XBRL Filing?

Businesses must recognise the importance of data security at a time when cybercrime and data breaches are more common than ever. There are multiple ways for criminals to breach the digital defences of your business and gain access to critical data. These include phishing and ransomware assaults, as well as poor password practices.

Because of this, we at DataTracks make the best use of all the measures to increase the security of your corporate data in practice. To learn more about how to safely and accurately file your MBRS reports, contact DataTracks today. Call us at + 60 392126125 or email us at enquiry@datatracks.my.