Banking Security Regulations in Indonesia Take Center Stage as Financial Regulator Issues New Rules
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Indonesia’s financial regulator, OJK, has introduced new regulations aimed at enhancing cyber resilience within the country’s financial industry. The regulatory landscape has undergone significant changes over the past five years, with banks now having clear guidelines from regulators on how to measure their cyber resilience maturity.
Meeting the Regulations: A Challenge Ahead
Bank Mega’s IT and Cyber Risk Management Head, Wahyu Agung Prasetyo, recently shared his bank’s approach to meeting these regulations. According to Prasetyo, banks are now given clear instructions on how to prepare for the worst-case scenario.
Implementation Strategy
To meet the regulations, Bank Mega has implemented a few parameters of OJK’s cybersecurity checklist on operational risks. The plans are to integrate this into its cybersecurity strategy and eventually incorporate it into its enterprise risk management framework.
Collaboration Key to Compliance
In an exclusive interview with Information Security Media Group, Prasetyo emphasized the importance of collaboration between data protection officers (DPOs) and chief information security officers (CISOs). He also discussed the challenges banks face on the path to compliance.
Expert Insights
With over 15 years of experience in the field of information technology, including computer networks, operating systems, and cybersecurity, Prasetyo is well-equipped to navigate the complex landscape of banking security regulations in Indonesia. His insights provide valuable guidance for financial institutions seeking to improve their cyber resilience in line with OJK’s new regulations.
Key Takeaways
- OJK has introduced new regulations aimed at enhancing cyber resilience within Indonesia’s financial industry
- Banks are given clear guidelines on how to measure their cyber resilience maturity
- Collaboration between DPOs and CISOs is crucial for compliance
- Implementing a cybersecurity strategy and integrating it into enterprise risk management framework is essential
- Financial institutions must navigate the complex landscape of banking security regulations in Indonesia