Cyber Attacks Increase 30 Percent During Ramadan, Financial Institutions Must Strengthen Security

JAKARTA - Data from the Indonesian Digital Consumer Institute (LKDI) found a spike in phishing and digital fraud reaching 30%, along with the increase in digital transactions during Ramadan and Eid al-Fitr.

In line with these data, Unit 42 of Palo Alto Networks also revealed that identity-based phishing accounted for 22% of security breaches, followed by social engineering at 11%.

Both of these methods remain the main factors behind the latest cyber security incidents, especially amid the increasing use of digital channels.

The surge in digital economic activity during the religious holiday season is considered to create a new cluster of risks, especially when cyber criminals increasingly use artificial intelligence (AI) technology to launch more sophisticated attacks.

Palo Alto Networks also said that this situation puts the financial services sector at a crucial point, as the shift to an AI-based economy requires more adaptive security systems.

Financial institutions are encouraged to adopt a more proactive and fragmented AI-based security approach towards a platform that integrates network telemetry data, cloud, endpoints, and critical applications into a single data source.

This technology enables real-time data analysis to detect anomalies earlier, so that potential attacks can be prevented before they develop into major incidents.

In addition, the zero-trust approach is also considered a key, by ensuring that each access is strictly verified and only given based on minimum requirements.

This step is considered effective to protect credentials and maintain the security of interactions in an increasingly connected digital ecosystem.

By adopting a more proactive and AI-based security strategy, Indonesia's financial services sector is expected to be able to increase system resilience while maintaining customer confidence amid increasing cyber threats.