Selasa, Juli 2, 2024

Cyber Risk Management Within the Financial Services Sector Promoted

The Director of the Indonesian Banking Development Institute ("LPPI") has emphasized the importance of cyber risk management within the financial services sector in an effort to improve the reputations of businesses, boost consumer trust and maintain macro-financial stability.
Based on 2020 International Monetary Fund ("IMF") data, estimated total losses, as experienced by the financial services sector as a result of cyberattacks, amounted to US$ 100 billion annually. In this regard, companies and regulators must apply various technological safety and security principles in order to strengthen basic financial sector systems that are associated with a high risk of cyberattacks.
In one recent case that occurred in May 2023, a State-Owned Enterprise (Badan Usaha Milik Negara/BUMN) bank experienced a cyberattack that ultimately led to access to banking services being disrupted, demonstrating the close relationship between cybersecurity and finance.
For more on this story, see Hukumonline: “Pentingnya Pengelolaan Risiko Siber di Sektor Jasa Keuangan”.

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The Director of the Indonesian Banking Development Institute ("LPPI") has emphasized the importance of cyber risk management within the financial services sector in an effort to improve the reputations of businesses, boost consumer trust and maintain macro-financial stability.
Based on 2020 International Monetary Fund ("IMF") data, estimated total losses, as experienced by the financial services sector as a result of cyberattacks, amounted to US$ 100 billion annually. In this regard, companies and regulators must apply various technological safety and security principles in order to strengthen basic financial sector systems that are associated with a high risk of cyberattacks.
In one recent case that occurred in May 2023, a State-Owned Enterprise (Badan Usaha Milik Negara/BUMN) bank experienced a cyberattack that ultimately led to access to banking services being disrupted, demonstrating the close relationship between cybersecurity and finance.
For more on this story, see Hukumonline: “Pentingnya Pengelolaan Risiko Siber di Sektor Jasa Keuangan”.

......

Subscribe to read more legal analysis.

Hukumonline Pro Intelligence

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