All Parties Supervised by the BI Now Required to Implement Cyber Security Measures and Governance

Given that the growing utilization of information technology poses an ever-expanding risk in terms of the overall stability of the financial system that could potentially result in financial losses, Bank Indonesia (“BI”) has decided to introduce a new framework that sets out various provisions that specifically address the application of information system security and cyber resilience (Keamanan Sistem Informasi dan Ketahanan Siber – “KKS”).[1] This new framework of Regulation No. 2 of 2024 (“Regulation 2/2024”) should be implemented by certain parties that are regulated and supervised by BI and that are categorized as posing a potential systemic or non-systemic cyber risk to the financial system (“Organizers”)[2] and has been in force since 22 April 2024.[3]