New Cybersecurity Rules for Financial Institutions in Indonesia


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Indonesia recently released new cybersecurity rules for the financial sector, including banks, insurance companies, and other financial services providers. The new rules developed by the Financial Services Authority (OJK) are Indonesia’s first dedicated cybersecurity rules specifically for the financial sector.

The rules cover a range of areas, including risk assessments, risk management, data protection, incident response planning, and employee capacity. They aim to address the growing threat of cyber attacks in the financial sector and to ensure the safety and security of business and customer data, coming in the wake of escalating cyber attacks against financial institutions in Indonesia.

Financial institutions in Indonesia will need to assess, test, and, potentially, strengthen their cybersecurity practices in response to the new rules. The key points of the cybersecurity rules are highlighted below.

Inherent risk assessment

The circular describes the criteria for judging a company’s level of inherent risk in Chapter II. Inherent risk refers to the level of cybersecurity risk an entity faces without any mitigating controls in place.

Regulators will assess inherent risk on at least four factors. These include an institution’s technology, bank products, organizational characteristics, and cyber incident track record.

Entities should submit a risk assessment report to the OJK on an annual basis. The OJK will consider inherent risk relating to cybersecurity as a component of an entity’s broader inherent risk regarding IT.

The regulator’s determination of inherent risks will be done on a 1-5 scale for categorization, where one is low risk and five is high risk.

Cybersecurity maturity level assessment

The circular describes requirements for banks to undertake an annual assessment of their cybersecurity maturity levels in Chapter V. The maturity level is mainly based on the quality of risk management implementation related to cyber security and the quality of the implementation of cyber resilience processes.

Regulators use a 1-5 scale to assess cybersecurity maturity, where one is strong and five is unsatisfactory. Entities are then placed on a 1-5 scale to rank their level of maturity.

Cybersecurity risk level

Chapter VI of the circular states a requirement for entities to submit an annual assessment of overall cybersecurity risk to the OJK. This is based on the combined review of inherent risk related to cybersecurity and the maturity level of cybersecurity.

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