Guidelines on the Organization of Cyber Defense and Security by Commercial Banks Issued

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has issued a set of practical guidelines that address cyber defense and security, specifically as these areas relate to inherent risk assessments, determinations of inherent risk and early notifications of cyber incidents by commercial banks (“Banks”) through the issuance of Circular No. 29/SEOJK.03/2022 (“Circular 29/2022”), which has been in force since 27 December 2022.

Due to the wide scope of Circular 29/2022, this edition of Indonesian Legal Brief will limit its discussion to general provisions that relate to the following topics:

1. Cyber security risk assessment;
2. Implementation of cyber defense processes;
3. Assessments of cyber-security maturity levels (“Maturity Levels......