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Financial Institution Cybersecurity Best Practices in Indonesia Amidst Metaverse Emergence and Rising Biometric Data Concerns
As cyberattacks continue to plague the world, policymakers in Indonesia are taking steps to strengthen data security measures. In this landscape, financial institutions must prioritize cybersecurity best practices to protect sensitive biometric data.
The Rise of the Metaverse in Indonesia
The metaverse, a futuristic technology promising to revolutionize social connectivity and virtual experiences, is gaining traction in Indonesia. The Indonesian government has signed memoranda of understanding with tech companies to develop metaverse ecosystems, including Bank Rakyat Indonesia’s plans for virtual banking services. Meanwhile, the Minister of Tourism and Creative Economy has launched the “WonderVerse” platform to promote Indonesian tourism globally.
Biometric Data Concerns
However, the collection of biometric data required for user registration in the metaverse raises concerns about personal data protection and cyber vulnerabilities. Indonesia’s existing legislation, such as Law No. 23 (2006) on citizenship administration, does not specifically define and protect biometric data. The recent Personal Data Protection Law (PDP Law) No. 27 of 2022 provides more stringent protection for biometric data, defining it as relating to an individual’s physical, physiological or behavioral characteristics that can identify their uniqueness.
Biometric Data Security Risks
Although biometric data is considered more secure than password-based methods, it remains high-risk and vulnerable to cyber threats. Hackers can manipulate facial recognition systems using high-resolution digital photos, while insider threats pose a significant risk due to the level of access. The PDP Law requires personal data controllers to process data only in a limited and specific manner that is legally valid and transparent.
Cybersecurity Best Practices for Financial Institutions
In light of these concerns, financial institutions must implement robust cybersecurity best practices to protect biometric data. This includes:
- Assessing the impact on personal data protection if data processing is considered high-risk
- Implementing policies for data breach notification within 72 hours
- Establishing procedures for dispute resolution outside of courts
Conclusion
The metaverse may indeed be one answer to strengthening Indonesia’s digital economy, but it is crucial that financial institutions prioritize cybersecurity best practices and biometric data protection. As the world continues to evolve in today’s business landscape, it will be interesting to see how the current laws and regulations effectively stand at the forefront as guardians of personal data.
By prioritizing cybersecurity best practices and staying ahead of cyber threats, Indonesia can ensure a strong digital economy for years to come.