Commercial banks are required to maintain cyber resilience. (Photo: medcom.id)
Commercial banks are required to maintain cyber resilience. (Photo: medcom.id)

OJK Instructs Banks to Ensure Cyber Security

Antara • 04 August 2022 17:43
Jakarta: Commercial banks must ensure the resilience and security of their banking information technology (IT) system in accordance with the new regulation enacted by the Financial Services Authority (OJK), an official stated.
 
Deputy Commissioner for Banking Supervision I of the OJK Teguh Supangkat stated that the obligation to maintain cyber resilience and security in banks is regulated by OJK Regulation No. 11/POJK.03/2022 on Information Technology in Commercial Banks.
 
"Regarding the IT system (in banks), what is important is to ensure its cyber resilience and security," Supangkat stated during an online media briefing on Thursday.

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Accelerating the development of digitization in the banking sector should be regulated by an OJK regulation to respond to the needs and expectations of the banking industry and address potential risks in the IT sector, he affirmed.
 
According to the regulation, commercial banks are required to maintain cyber resilience through identification of assets, threats, and vulnerability; asset protection and detection of cyber incidents; and the handling and recovery of cyber incidents, he elaborated.
 
An adequate cyber resilience system comprises a security tests system, assessment of cybersecurity maturity, and a special working unit dedicated to cybersecurity that is also deemed essential, the OJK official explained.
 
Supangkat stated that apart from regulating cybersecurity and resilience, the OJK regulation also regulates other aspects crucial for enhancing digital transformation through cybersecurity in the banking sector, including IT management and architecture, risk management, personal data protection, service provision, and internal audit and control.
 
He then cited data from Bank Indonesia that indicated an increase in the total amount and volume of financial transactions through electronic channels in Indonesia in 2022.
 
The official expressed optimism that the new regulation, to be in force three months after its enactment on July 7, 2022, would boost digital transformation of the banking sector.
 
"We must prioritize the balance between digital innovation in the banking sector and the prudential aspect to ensure Indonesia's banking performance remains healthy and maintain stability of the existing banking system," Supangkat remarked. 

 
(WAH)
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