Global Cyber Attack Losses Soar, ADIGSI Strengthens Resilience of Capital Market Industry

Photo: Special

JAKARTA - The General Chair of the Indonesian Association for Digitalization and Cyber Security (ADIGSI), Firlie Ganinduto, reminded of the threat of cybercrime that continues to grow at an alarming rate.

Based on the report he received, the projected global loss due to cyber attacks reached around 10.5 trillion US dollars (USD) per year by 2025.

"This is a surprising increase from 3 trillion US dollars in 2015," said Firlie through a written statement received by VOI, Tuesday, June 30.

Firlie revealed that most of these losses came from ransomware and data breaches, with the financial services, healthcare, and manufacturing sectors being the most affected.

As a result, in addition to financial losses, these sectors also face system recovery expenses and legal liability.

"Of course, this does not include damage to the reputation of a brand that is certainly related to the protection of customer or consumer data," he said.

As part of mitigating cyber threats in the financial sector, especially the stock market or securities, ADIGSI signed a Memorandum of Understanding (MoU) with the Indonesian Securities Company Association (APEI).

Firlie revealed that this cooperation is strategic considering the important role of the stock market in national economic growth.

At the same time, ADIGSi as a national cyber security ecosystem has just established a partnership with CREST International and set global standards in this field.

"Cybersecurity is no longer just the responsibility of the information technology function, but part of governance, risk management, business continuity, consumer protection, and corporate reputation which is certainly related to economic growth," said Firlie.

Through this collaboration, ADIGSI will prepare the Executive Cyber Resilience Assessment Program as an initial step for securities companies to measure their cyber readiness.

Including providing counseling for securities companies to strengthen their cybersecurity as well as collaboration in the formation of a Computer Security Incident Response Team (CSIRT) or a special team to prevent, detect, respond to, and recover systems from cyberattack incidents in the stock exchange market.

"This will be a practical reference that can be used by securities companies to conduct an initial evaluation of each other's cyber readiness and resilience," said Firlie.

Meanwhile, APEI Chairman Prama Nugraha welcomed the cooperation.

According to him, amid the increasing accessibility, efficiency, and quality of securities company services through digitization, there is an expansion of cyber risk exposure.

Threats such as phishing, social engineering, account takeover, ransomware, data leaks, attacks on applications and APIs, misuse of internal access, and disruptions to third-party technology providers can have a direct impact on company operations.

"This is where the context of asset and customer data protection, as well as investor confidence, becomes so important," he explained.

Nugraha hopes that the signing of the Memorandum of Understanding between APEI and ADIGSI can become a foundation for collaboration in capacity building, increasing readiness, and building cyber resilience for the Indonesian capital market industry.

"We really appreciate this collaboration, because for us customer trust is so important," he concluded.

For information, the Capital Market Cyber Resilience Forum carries the theme "Strengthening Trust and Security in the Digital Capital Market".

The activities held by ADIGSI and APEI are designed as an executive forum and practical learning to strengthen the understanding and readiness of securities companies in facing cyber risks.

In addition to the strategic discussion session, the activity was also attended by representatives of the Financial Services Authority, Indonesia Stock Exchange (IDX), and the National Cyber and Information Security Agency (BSSN).