Digital Payment Security Threats in Indonesia: Industry Urged to Collaborate Against Cybercrime

Introduction

In a bid to mitigate the growing threat of cybercrime, PT Jalin Pembayaran Nusantara (Jalin), a leading digital payment transaction processor in Indonesia, has emphasized the need for collective collaboration among all stakeholders to create robust cyber resilience.

The Growing Demand for Secure Financial Services

Indonesia’s modern payment systems industry continues to grow, with transactions in digital payment channels increasing rapidly. The country has seen a significant surge in the value of transactions using QRIS, reaching IDR229.96 trillion by December 2023 with over 45.78 million users.

The Need for Robust Cyber Resilience

According to the Blueprint for the Indonesian Payment System (BSPI) 2020-2025, the payment system is identified as a sector with highly regulated business processes by the regulator. To ensure digital financial transactions remain secure and protected from potential cyber threats, every stage of financial transactions, from front-end to back-end, is equipped with various security tools such as: * Fraud Detection System (FDS) * Tokenization * Anti-skimming * And others

The Importance of Proactive Steps

Jalin’s CEO, Ario Tejo Bayu Aji, stressed the importance of proactive steps from industry players to strengthen corporate resilience against cyber threats. He highlighted the need for companies to ensure that information security management systems meet recognized international standards and continue to comply with regulatory requirements.

Structured Incident Response Protocols

Ario emphasized the importance of having structured incident response protocols and disciplined crisis management execution. Regular security audits and evaluations of security measures are crucial to enhance future preparedness.

Inter-Institutional Collaboration

The CEO emphasized the need for collaboration between banks, fintech, switching institutions like Jalin, and all other stakeholders in the payment systems industry. “The industry needs to seek opportunities for inter-institutional collaboration to maximize investment costs in strengthening cyber resilience through the utilization of shared infrastructure,” he said.

Building a Strong Corporate Culture

Ario also underscored the importance of building a strong corporate culture in cybersecurity. Every financial institution and payment system infrastructure provider must adopt best practices, including: * The use of the latest technology * Sharing information about potential threats * Collaboration and increased literacy are key in facing cyber threats.

Conclusion

All parties must unite to provide the best protection for payment system users in Indonesia. “Collaboration and increased literacy are key in facing cyber threats,” concluded Ario Tejo Bayu Aji, CEO of Jalin.