OJK Calls Cyber Attack In Banking Increasingly Sophisticated

JAKARTA - Head of the Regional Financial Services Authority (OJK) for One Jabodebek and Banten, Roberto Akyuwen, said cyber attacks on the banking industry were increasingly complex and difficult to detect.

According to him, cyber attacks in the banking industry will occur continuously and be more sophisticated.

Roberto revealed that one of the targets of the current banking cyberattacks is the supply chain.

"In the past, he (the cyber attack) was closer to end users or core bank systems. Now, because we are exposed to many systems. When the core banking system increases, we usually increase its capacity. This is what makes us more exposed, bringing in the risk of cyber attacks," he said during the Cybersecurity Challenge event towards Indonesia Gold 2045 at Indonesia Banking School, Jakarta, Tuesday, December 10.

Roberto explained that the purpose of cybercriminals is currently diverse. According to him, there are things that are just fun, but some fall into the category of serious crimes in order to get financial benefits.

These profits are also used for various purposes, such as personal profit to political costs.

"The variation is increasing. Ransomware used to be just money, paid finished. But now they want to show that they can interfere with a bank's system. That happens a lot. What's even worse, at any time they can stop by to disturb them again," he said.

Roberto said, in fighting cyber attacks, there are consequences that must be borne by banks.

This is because, he continued, cyber attacks in the financial sector are almost three times more than in other industries.

"There is a cybersecurity trend to illustrate the consequences that must be borne by financial service institutions, especially banks when dealing with cyber attacks," he said.

Roberto explained that data leakage caused a huge increase in costs for banks.

In addition, to implement and manage cybersecurity infrastructure, it is estimated that it will increase by more than 40 percent by 2025.

Banking needs to increase the use of biometrics and tokens as banks begin to recognize them as a useful solution in payment security control.

Customers in the future will also prefer digital routes. For this reason, banks need to provide more sophisticated authentication and access control processes.

"Customers are starting to use biometrics for banking activities, such as authentication on mobile banking, making transactions at ATMs, and payments," he concluded.

Meanwhile, IBS Permanent Lecturer Hayu Prabowo emphasized the importance of cross-sectoral collaboration to build a secure, innovative and competitive digital ecosystem.

"We (IBS) as an educational institution are committed to preparing young people who are competent in the fields of finance, business, and digital technology," he said.

He hopes that the seminar can raise awareness and create synergies in facing the challenges of digital transformation.

Seminar ini merupakan langkah nyata kami melakukan sinergi dengan berbagai pihak dalam mendukung transformasi digital yang berkelanjutan dan aman, ucapnya.