- In order to support the development of the Financial Sector Technology Innovation (Inovasi Teknologi Sektor Keuangan – "ITSK") ecosystem and implement provisions originally introduced under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector, the Financial Services Authority (Otoritas Jasa Keuangan - "OJK") has published a set of cybersecurity guidelines that encompass reactive and proactive strategies that will hopefully ensure that cybersecurity becomes the key to the ITSK ecosystem
- According to the Chief Executive of Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets Supervision at the OJK, Hasan Fawzi, the implementation of cybersecurity guidelines within the ITSK sector should result in a protective mechanism that will ultimately reduce disruptions relating to availability, integrity and the confidentiality of data and information, as managed by ITSK operators.
- At its core, cybersecurity guidelines for ITSK operators include: 1) Data protection; 2) Risk management; 3) Incident response; 4) Maturity assessments; and 5) Training and awareness. The guidelines were drawn up with the support of the UK Government’s cyber capacity-building program.
- Meanwhile, the OJK is continuing with efforts to improve the literacy and competence of its supervisors in relation to cyber security through Cyber Bootcamp activities which aim to promote practical knowledge and skills for dealing with various cybersecurity threats.
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