Banking Sector Compliance Challenges in Indonesia: Experts Weigh In

Indonesia’s banking sector is facing significant compliance challenges as it prepares to meet new regulations aimed at improving cyber resilience. According to Wahyu Agung Prasetyo, head of IT and cyber risk management at Bank Mega, the country’s financial regulator, OJK, introduced these regulations in December 2022, requiring banks to enhance their cybersecurity measures.

Challenges Ahead

While banks have made significant progress in recent years, there are still challenges ahead. Prasetyo, who has over 15 years of experience in information technology and cybersecurity, explained that:

• Five years ago, calculating cyber risks within operational risks was a challenge for banks.
• However, regulators now provide clear directions on how to measure the maturity of cyber resilience.

Implementing OJK’s Cybersecurity Checklist

Prasetyo revealed that Bank Mega has implemented a few parameters of OJK’s cybersecurity checklist on operational risks and plans to integrate this into its cybersecurity strategy. He emphasized:

• This is just the first step, and after integrating the checklist, it will become part of our enterprise risk management framework.

Collaboration and Preparation

In an interview with Information Security Media Group, Prasetyo also discussed how banks can prepare to meet OJK regulations, the importance of collaboration between data protection officers (DPOs) and chief information security officers (CISOs), and the challenges on the path to compliance.