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Commercial Banks in Indonesia Must Ensure IT System Security and Resilience: OJK Official

A new regulation enacted by the Financial Services Authority (OJK) requires commercial banks to ensure the resilience and security of their banking information technology (IT) system. According to Deputy Commissioner for Banking Supervision I, Teguh Supangkat, the obligation to maintain cyber resilience and security in banks is regulated by OJK Regulation No. 11/POJK.03/2022 on Information Technology in Commercial Banks.

Obligation to Maintain Cyber Resilience

“The IT system in banks must ensure its cyber resilience and security,” Supangkat emphasized during an online media briefing last Thursday. He noted that accelerating the development of digitization in the banking sector should be regulated by an OJK regulation to respond to the needs and expectations of the banking industry and address potential risks in the IT sector.

Key Requirements

  • Identification of assets, threats, and vulnerability
  • Asset protection and detection of cyber incidents
  • Handling and recovery of cyber incidents

An adequate cyber resilience system comprises:

  • A security tests system
  • Assessment of cybersecurity maturity
  • Special working unit dedicated to cybersecurity

Other Aspects Regulated

The OJK regulation also regulates other aspects crucial for enhancing digital transformation through cybersecurity in the banking sector, including:

  • IT management and architecture
  • Risk management
  • Personal data protection
  • Service provision
  • Internal audit and control

Optimism on Boosting Digital Transformation

Supangkat cited data from Bank Indonesia indicating an increase in the total amount and volume of financial transactions through electronic channels in Indonesia in 2022. He expressed optimism that the new regulation would boost digital transformation of the banking sector.

Prioritizing Balance between Innovation and Prudential Aspect

“We must prioritize the balance between digital innovation in the banking sector and the prudential aspect to ensure Indonesia’s banking performance remains healthy and maintain stability of the existing banking system,” Supangkat remarked, adding that the new regulation will come into effect three months after its enactment on July 7, 2022.