According to reporting from Tempo, Indonesia’s Financial Services Authority (OJK) has revealed that the risk of cyber attacks in the banking industry has increased significantly along with increased digitalization in the sector.
OJK Chief Executive of Banking Supervision Dian Ediana Rae said that one of the main problems that threaten bank customers is attacks from hackers who see the opportunity for big profits. “Among them through the theft of sensitive data owned by banks and hacking of customer accounts,” he said in a written statement, quoted on Sunday (26/1/25.)
Dian emphasized that the banking sector is one of the foundations of the country’s economy. Therefore, he said the banking industry needs to be protected by ensuring the security of all its information technology infrastructure from all potential cyber threats, adding that cyber threats not only have the potential to disrupt banking operations but can also damage the reputation of the banking industry and threaten the stability of the national financial system, says Tempo.
To overcome this, he continued, the active role of each bank, especially through the Chief Information Security Officer (CISO), is very important. He said the banking sector needs to ensure safe business operations and implement measures to prevent attacks and protect their Vital Information Infrastructure (IIV).
Meanwhile, OJK has issued several provisions related to the implementation of information technology, cyber resilience and security to digital maturity. Several OJK regulations are stated in OJK Regulation or POJK Number 11/POJK.03/2022, OJK Circular Letter or SEOJK Number 29/SEOJK.03/2022, and SEOJK Number 24/SEOJK.03/2023, according to Tempo.
He explained that the issuance of these provisions aims to strengthen governance in the implementation of information technology in the banking sector. This is so that its implementation can provide added value to banks through optimizing resources to mitigate the risks faced by banks, including maintaining the security of electronic systems owned from cyber attacks.
“However, it is also necessary to have the ability to detect and restore conditions after a cyber incident occurs, to maturity in the implementation of information technology,” he said.
Not only that, OJK and Bank Indonesia (BI) also issued regulations that must be implemented comprehensively by financial sector business actors, including banking. In addition, OJK and BI have also formed the Financial Sector Cyber Incident Response Team (TTIS SK), which functions to manage and handle cyber incidents, protect sensitive data, maintain public trust, and minimize the impact of cyber attacks on the stability of the financial system, Tempo is reporting.
“In order to face the complexity of threats in the cyber world, it is clear that no single institution is able to face this challenge alone,” he said. Therefore, collaboration between financial sector business actors, authorities, and all parties involved is a must. Then, the adoption of the latest technology must be carried out collectively to strengthen protection of systems and data managed by the banking and financial sectors as a whole.
Source: Tempo
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