OJK Is Preparing Cybersecurity Guidelines For IAKD Organizers

Illustration (Photo: Doc Antara)

JAKARTA - Chairman of the Supervision of Financial, Financial Assets and Crypto Assets Technology Innovation (IAKD) Hasan Fawzi said his party was preparing cybersecurity guidelines for digital financial asset providers and crypto assets to be issued next year.

The statement was made in the press conference of the Financial Services and OJK Financial Policy Sector of the Results of the September 2024 Monthly Board of Commissioners (RDKB) Meeting virtually.

"In connection with the special cyber risk mitigation of the crypto asset ecosystem, it is actually a cyber security guidelines for ITSK (Financial Sector Technology Innovation) organizers that have been published are relevant enough to be used as a reference for security and cyber risk mitigation in the crypto asset ecosystem. But specifically, we are currently also preparing cyber security guidelines for digital financial asset operators and crypto assets which are likely to be published next year after the transfer of the task of supervising surveillance of crypto asset activities in OJK (from the Covidity Futures Trading Supervisory Agency)," he said as quoted by ANTARA, Wednesday, October 2.

Currently, the regulation and supervision related to activities in crypto assets is still being carried out by CoFTRA because the task has not yet been transferred to the OJK.

The Law on the Development and Strengthening of the Financial Sector (UU P2SK) mandated the OJK to take this role in January 2024.

According to him, cyber risks often occur in the country's financial industry in various techniques and ways that are increasingly complex. This has become the main concern of the OJK in line with the massive use of technology in the financial sector.

For this reason, his party, especially through IAKD together with ITSK administrator associations, has issued cyber security guidelines for ITSK organizers in July 2024.

In these guidelines, a framework (framework) has been established for ITSK organizers to be able to ensure cybersecurity and technology-based innovation integrity that will be used in the financial sector industry, including prevention strategies, risk assessments, and handling of cybersecurity incidents if they occur.

"The security and cyber resilience aspects of the ITSK organizers are certainly areas that also receive major attention in wide monitoring at the OJK," Hasan said.

Furthermore, his party highlighted the urgency of all ITSK industry players and players in the crypto asset sector to understand and address any cyber threats identified, as well as establish a comprehensive framework in dealing with various cybersecurity threats and risks.

Hasan also reminded that cybersecurity really depends on the awareness of the players, management, and all employees of ITSK operators and crypto assets.

OJK hopes that the management of crypto asset activity organizers can take proactive actions by making strategic decisions in strengthening cyber resilience.

"Of course, in increasing awareness, ITSK organizers, including in crypto assets, should have a cybersecurity training program for their employees to be able to increase awareness, understand the magnitude of cyber threats, and can also increase the ability to mitigate every cyber risk that occurs in accordance with the technology they use in carrying out their respective business activities," he said.

"In OJK, in particular in the field of IAKD, we also continue to collaborate with ITSK administrator associations, crypto asset activity provider associations, and of course other relevant institutions such as the National Cyber and Crypto Agency (BSSN) in an effort to continue to strengthen the implementation of cyber security and resilience in the ITSK sector of digital financial assets and crypto assets," Hasan said.