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Financial Institution Cybersecurity Best Practices in Indonesia: OJK’s New Regulations

The Financial Services Authority (OJK) has introduced new regulations for financial institutions in Indonesia to strengthen cybersecurity and prevent cyber attacks in the country’s banking system.

Key Requirements for Financial Institutions

According to the OJK circular, known as Nomor 29/SEOJK.03/2022 (SEOJK 29), financial institutions must implement robust cybersecurity measures, including:

• Inherent Risk Assessments: Conduct a risk assessment using a 1-5 scale, where “1” represents low risk and “5” indicates high risk.
• Risk Management Implementation: Implement effective risk management strategies, including governance of risks related to cybersecurity, risk management frameworks, and risk control systems.
• Cyber Resilience Processes: Identify assets, threats, and vulnerabilities, protect assets, detect and respond to cyber incidents, and recover from attacks.
• Annual Maturity Level Assessments: Conduct annual assessments of cybersecurity maturity levels using a 1-5 scale, where “1” represents strong and “5” indicates unsatisfactory.

Additional Requirements

Financial institutions are also required to:

• Conduct Regular Testing: Perform regular testing, including scenario-based cybersecurity testing and vulnerability analysis.
• Establish Independent Units or Functions: Establish independent units or functions handling cybersecurity, with adequate capacity and resources to carry out their responsibilities.
• Report Cybersecurity Incidents: Report any incident to the OJK within 24 hours and provide a detailed report within five business days.

Benefits of the New Regulations

The new regulations offer financial institutions in Indonesia a much-needed framework for assessing and strengthening their cybersecurity practices, helping to prevent and combat cyber attacks in the country’s financial sector.