OJK Set to Introduce Cyber Security and Defense Measures for Commercial Banks

As a follow-up to the issuance of Regulation of the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”)  No. 11/POJK.03/2022 on the Organization of IT by Banks (“Regulation 11/2022”)[1], the OJK is currently preparing a Draft Circular on Cyber Security and Defense for Commercial Banks (“Draft Circular”).[2] Once the Draft Circular comes into force, it will become a reference for commercial banks (“Banks”) regarding the implementation of matters that relate to cyber security (“Security”) and cyber defense (“Defenses”) measures (collectively referred to as “Measures”). In this regard, Banks are required to possess capacities and systems capable of detecting cyber-attacks, as well as implementing necessary recovery measures.[3]