OJK Stresses Urgent Cybersecurity Measures in Banking Sector
The Office of the Financial Services Authority (OJK) has sounded an alarm over the significant cyber threats facing the banking sector. According to Dian Ediana Rae, Chief Executive of Banking Supervision at OJK, hackers pose a major risk to bank customers, primarily through the theft of sensitive data and account hacking.
“Among these threats, hackers are driven by the potential for substantial profits, targeting banks for their vast troves of sensitive information and customer data,” Rae stated in a recent press release.
The Foundation of Economic Stability
Rae underscores the critical role of the banking sector in the nation’s economy. He emphasizes that ensuring the security of all information technology infrastructure is essential to protect the banking industry from cyber threats.
“Cyber threats can disrupt bank operations and damage the reputation of the entire banking sector, potentially destabilizing the national financial system,” Rae warned.
The Role of Chief Information Security Officers (CISOs)
Rae highlights the importance of proactive roles within banks, specifically the Chief Information Security Officers (CISOs). These professionals are crucial in securing business operations and implementing measures to prevent cyber attacks.
“Banks must not only protect their Vital Information Infrastructure (IIV) from cyber threats but also develop capabilities to detect and recover from cyber incidents once they occur,” Rae added.
New Regulations and Collaborative Efforts
To address these threats, OJK, in collaboration with Bank Indonesia (BI), has issued regulations aimed at strengthening cybersecurity measures across the financial sector.
The Financial Sector Cyber Incident Response Team (TTIS SK) has been established to manage and respond to cyber incidents, ensuring the protection of sensitive data and maintaining public trust while minimizing the impact on financial stability.
The Need for Collective Effort
Rae acknowledges that no single entity can effectively combat these sophisticated cyber threats alone. He advocates for collaboration among financial institutions, authorities, and all stakeholders involved in the sector.
“Adopting the latest technologies collectively is imperative to fortify the protection of systems and data managed by banks and the broader financial sector,” Rae concluded.
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