Spentara Reveals Four Cyber Vulnerabilities That Are Widely Found In The Financial Sector

Media Briefing Spentera (photo: Dinda Buana/VOI)

JAKARTA - Cybercrime is a serious problem that can attack both individuals and institutions. Where, finance is a sector that is very vulnerable to being exposed to the threat of cyber crime.

According to the Global Financial Stability Report - April 2024 of the International Monetary Fund (IMF), nearly 20 percent of the risk of cyber threats to the financial sector attacks financial institutions, with the highest exposure experienced by banks.

Spentara, a leading cybersecurity service provider, said cyber threats to banks tended to include attacks such as phishing, ransomware, DDoS (Denial of Service) attacks, and sensitive data theft.

In a seminar titled Cyberwolves Con, Latest Threat Intelligence Brief in Indonesia on April 25 yesterday, Spentera stated that the high exposure to cyber threats forced banks to implement effective cybersecurity strengthening efforts.

"Not only to prevent cyber incidents, but also to detect during the incident and recover after the incident occurred," said Royke Tobing, Director of Cyber Intelligence of PT Spentera.

Here, Spentara also revealed its findings about some vulnerabilities that can be exploited as a potential development in banking applications.

First, the vulnerability lies in the transaction process in the form of transfers, payments, and withdrawals of money using other user accounts.

Second, requests for remittances or requests for sharing bills using other user accounts, thirdly reducing the number of payments and admin fees of refill and billing features, and lastly is modifying important data without supervisory approval.

Therefore, OJK through the Circular Letter of the Financial Services Authority of the Republic of Indonesia Number 29 / SEOJK.03 / 2022 concerning Cyber Security and Security for Commercial Banks has provided detailed guidelines regarding comprehensive policies that must be established and implemented by commercial banks to maintain cyber security and security.

One form of the rules is that banks are required to periodically carry out cybersecurity testing on network security, systems, and data.