THE public is advised not to panic and withdraw all their savings from banks, following a viral message urging people to keep cash on hand in preparation for potential cyber threats.
Chief Executive of the National Cyber Security Agency (NACSA), Ir. Dr Megat Zuhairy Megat Tajuddin, said the recommendation to keep some cash on hand is merely a precautionary measure in the event of disruptions to electronic payment systems at business premises, particularly at smaller shops.
According to him, online payment systems at business premises that are not classified as National Critical Information Infrastructure (NCII) may not possess the same level of cybersecurity controls as those found in the banking sector.
He noted that cash could serve as an alternative payment method should electronic transactions be disrupted at such locations.
“This is because online payment systems at the level of retail shops and similar establishments, which are not entities categorised under National Critical Information Infrastructure (NCII may not have cybersecurity controls as robust as those in the banking sector.
“That is why such advice was given, so that if an in-store transaction cannot be completed online, payment can be made in cash. That is the actual intention,” he said on RTM’s Bicara Naratif recently.
Dr Megat also reminded the public that withdrawing all one’s savings to keep at home is, in fact, riskier than leaving them in a bank.
He noted that banking institutions have protective mechanisms, including insurance and security guarantees for customer deposits.
He added that the banking and financial sector maintains some of the highest and most stringent cybersecurity controls.
This is because the sector handles online financial transactions, which require comprehensive security protection.
“They have known from the very beginning that such protection is necessary. After all, when online banking and similar platforms serve as the medium for financial transactions, that becomes the most sensitive area,” he added. – November 11, 2026
