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Indonesia Government Urges Banks to Strengthen Digital Security

The Financial Services Authority (OJK) wants to encourage banks to improve information technology governance and risk management. This is in line with the banking industry’s migration from the old banking system to digital banking. Banking Supervision Deputy Commissioner, OJK as previously stated, banks must anticipate issues such as customer data protection and exchange, the risk of customer data leakage connected to fraud, probable incompatibility of technology investments with business strategy, and others.

“The risk of cyber-attacks is one of the main risks that banks need to watch out for and mitigate in the digital era, considering the development of banking digitalisation increases the emergence of cyber security risks for banks,” said the Commissioner.

OJK has released a roadmap for Indonesian banking development through 2025, which will serve as a guide for future regulations and agreements. This is to foresee national banking cyber security threats. “OJK will encourage banks to continue to strengthen related to IT (information technology) governance and risk management, adopt the latest technology, then cooperate with IT and implement advance digital banking,” he said.

Meanwhile, Retno Ponco Windarti, the Director of Bank Indonesia’s Payment System Policy Department, said that the department has its way of securing digital data for every customer with a national payment system, one of which is close collaboration with payment service providers (PJP) and payment system infrastructure providers (PIP). “We give a maximum of one hour from the time the incident must be reported. Then, we conduct discussions, audits to find out what the real cause is.”

In addition, they would impose consequences on PJP and PIP for failing to meet their responsibilities, so that digital security becomes one of the factors that the financial services business must emphasise.

In the banking industry, Bank DKI, as the Regional Bank, has taken precautions to protect itself from cyber-attacks, one of which is the IT Security Cyber Architecture method. Amirul Wicaksono, Director of Technology and Operations at Bank DKI, stated that the organisation is still safe from cyber threats due to bank laws. “Banks have regulations, such as regulations on risk management in the use of technology (MRTI). OJK also always audits the risk mitigation function and the function to ward off cyberattacks.”

OpenGov Asia reported, Indonesia, the country with the fourth-fastest growth in internet users in the world, faces both great opportunities and significant threats as digital technology and the internet advance. However, according to the Indonesian government’s cyber and crypto agency, Badan Siber dan Sandi Negara (BSSN), Indonesia is becoming a victim of an increasing number of cyber-attacks, with over 423 million recorded by the end of 2020. Without solid cybersecurity systems, the 150 million internet users in Indonesia are at risk of being caught up in a tragic cybersecurity issue.

Strengthening the legal and policy fundamentals of cybersecurity and cryptology is essential if Indonesia is to grow its digital economy, embrace the fourth industrial revolution, and protect critical infrastructure and information security assets.

To combat these attacks, Indonesia’s government had recently partnered with a leading cybersecurity solutions vendor to strengthen the country’s cybersecurity capabilities and fend off mounting threats. Badan Siber dan Sandi Negara recently signed a memorandum of understanding (MoU) to improve cybersecurity capacity development and institution building within the country’s government sector. Broadly, the MoU covers collaborating through knowledge-sharing, capacity-building, cybersecurity training, and joint programs to build cyber awareness in Indonesia.

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