By “BI will encourage the strengthening of cyber resilience, both from BI and the industry. Because the smooth running of payment systems and data security are essential to maintain the trust of the community,” he said at the launch of the Financial Stability Study (KSK) No.41 book here on Monday.
According to him, the central bank is currently creating a template for an end-to-end cybersecurity policy, which will cover cyber handling in industries, preventive steps, and resolution measures when a cyberattack occurs, including the mechanism of coordination with the Financial Services Authority (OJK).
“We have a forum that regularly evaluates cyber resilience in this industry. But if they (cyberattacks) continue to occur, a protocol is needed; we are strengthening this,” he said.
Apart from system disruption, cyberattacks on financial system infrastructure would cause a decline in public trust in the financial system, he added.
This year, several financial institutions in Indonesia have fallen victim to cyberattacks. They have included state-owned Bank Syariah Indonesia (BSI), multifinance company BFI Finance Indonesia (BFIN), and workers’ social security agency BPJS Ketenagakerjaan.
State of the Internet, in its report entitled The High Stakes of Innovation: Attack Trends in Financial Services, said that the financial services sector in the Asia-Pacific and Japan was hit by 3.7 billion cyberattacks in the period from the second quarter of 2022 to the second quarter of 2023.
With this figure, the sector emerged as the one with the most number of cyberattacks.
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