POJK PTI: Ensuring Banks are Safe from Cyber Attacks
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Cybersecurity Attacks are increasing 36% from 2020
-Indonesian Ministry of Communication and Informatics-
According to a report by the Cybersecurity and Infrastructure Security Agency (CISA) in the United States, there were over 2,400 incidents reported in 2020, which resulted in a loss of more than $29 billion. These incidents included phishing attacks, ransomware attacks, and malware attacks. Another report by the cybersecurity company, McAfee, stated that the number of ransomware attacks, cloud services, and remote access tools increased during the same period.
The Growing Cybersecurity Threat in Indonesia
In 2020, there were 34 reported cases of data breaches in Indonesia, resulting in the exposure of sensitive personal and financial information.
(Source: Indonesian National Cyber and Encryption Agency)
In 2020, the most commonly targeted sectors for cyber attacks in Indonesia were finance (29%), e-commerce (17%), and government (13%).
(Source: Indonesian National Cyber and Encryption Agency)
The lack of cybersecurity regulations in Indonesia is a concern, with only 31% of companies reporting compliance with relevant cybersecurity regulations.
(Source: Deloitte)
118%
Increase of ransomware attacks
630%
Increase of attack on cloud services
125%
Increase of attack on cloud services
The COVID-19 pandemic has also led to an increase in cyber security attacks as more people are working from home and relying on digital technologies. Cyber criminals have been exploiting the vulnerabilities created by remote work to launch phishing attacks, malware attacks, and ransomware attacks.
So, What Could We Do Now?
The Need for Regulations like POJK PTI
In the modern digital age, cybersecurity has become a matter of utmost importance in financial transactions. POJK PTI, also known as the Indonesian Financial Services Authority Regulation No. 13/POJK.03/2020 on Information Technology-Based Lending Services, was implemented to regulate Information Technology-Based Lending Services in Indonesia and to ensure the safety and security of personal and sensitive data that is used in financial transactions through digital channels. POJK PTI was implemented by the Financial Services Authority (OJK) in Indonesia to regulate Information Technology-Based Lending Services.
Want to Know More About the Regulation Details?
We have summarized the cybersecurity elements of the regulation for your convenience. Download this report to gain insights of the regulation's impact on commercial banks in Indonesia as a whole.
