OJK Says Worldwide Loss of IDR 8 Trillion US Dollars Due to Cyber ​​Crime

Chairman of the OJK Audit Board Sophia Wattimena (right). (Photo: Aris Nurjani/VOI)

JAKARTA - The Financial Services Authority (OJK) reports that based on data from the Institute of Internal Auditors (IIA), there will be losses of 8 trillion US dollars due to cybercrime throughout the world in 2023.

"Then IIA stated that losses due to cybercrime throughout the world in 2023 will reach a quite significant figure, namely around 8 trillion US dollars," said Chair of the OJK Audit Board Sophia Wattimena at the 2023 Risk & Governance Summit, Thursday, November 30.

Meanwhile, losses due to ransomware worldwide are estimated to reach 265 billion US dollars in 2031.

According to the National Cyber ​​and Crypto Agency (BSSN), from January to October 2023, there were 361 million traffic anomalies or cyber attacks in Indonesia.

"On the other hand, the average time required to resolve cyber crimes still reaches 277 days. So, it's quite long and not immediate, and the workforce gap in the cyber security industry is 3.4 million people, of course this requires organizational readiness and is an issue that very critical," he said.

Meanwhile, IIA has released Asia Pacific Risk in Focus 2024 where the risk that dominates the most in the Asia Pacific area is cyber security, followed by business continuity, human capital, market changes, regulatory changes and digital disruption risks.

According to Sophia, the existence of this risk cannot be avoided considering that the technological era is developing so quickly and what can be done is by mitigating it, such as implementing standard business processes according to best practice, as well as being guided by applicable regulations.

"We need to understand that this innovation can be hand in hand with governance. So if we look back at the past, governance has recently followed suit. So, hopefully in the future we can anticipate so that every innovation takes into account the governance portion," he said. .

Apart from cyber security, added Sophia, ethics is also an important thing to pay attention to in developing technology, especially AI because AI development still relies heavily on input provided by the developer.

"Therefore, organizations are expected to use AI carefully and apply a good code of conduct," he concluded.