JAKARTADAILY.ID – In an era shaped by COVID-19 and rapid digitalization, the financial industry has transformed into an interconnected ecosystem, creating vulnerabilities that cybercriminals can exploit through data leaks or unauthorized access. Recognizing the potential risks involved, the Indonesian Telematics Society (MASTEL) emphasizes the need to address these challenges in order to ensure the stability of the financial industry.
According to MASTEL, digitalization and the internet have fostered interconnectedness among customers, industry players, and government institutions, intensifying the impact of cyber incidents and their potential to disrupt the financial sector in Indonesia. To shed light on these concerns, MASTEL has organized a highly anticipated Breakfast Forum titled "Future Challenges of Cyber Security for the Financial Industry." The event will take place at the prestigious Ritz Carlton Kuningan Hotel in Jakarta on June 8, 2023.
Sarwoto Atmosutarno, Chairman of MASTEL, highlighted the significance of the forum as a platform to address the cybersecurity challenges faced by the financial industry and explore effective solutions for data protection and safeguarding the interests of financial industry customers. The Breakfast Forum aims to engage not only the community but also key stakeholders, including representatives from Bank Indonesia, the Financial Services Authority, the Ministry of Defense, and more than 10 panelists from various financial services associations in Indonesia.
"Cyber risk management is crucial for maintaining the stability of the financial industry. We are actively involving Bank Indonesia, the Financial Services Authority, the Ministry of Defense, practitioners, and associations," stated Sarwoto Atmosutarno during a conversation on the sidelines of the event.
The forum will feature prominent representatives from Crowe Global, renowned international practitioners with over 11 years of experience evaluating cybersecurity in diverse financial institutions across Indonesia. Their participation will provide invaluable perspectives and insights into this evolving landscape.
"Cyber risk is an extremely dynamic threat. Moving forward, organizations must optimize their limited or expensive resources to effectively and efficiently protect their most valuable assets or services," explained Sarwoto Atmosutarno, emphasizing the challenges faced by organizations.
Notably, the curated selection of resource persons involved in this forum demonstrates MASTEL's commitment to fostering collaboration and shared responsibility in tackling cyber threats. Both individuals and organizations must critically evaluate their roles and readiness in terms of data protection and information system security. By doing so, the systemic implications arising from the exploitation of weaknesses or security loopholes can be effectively mitigated.
Wimboh Santoso, Chairman of the Financial Services Authority during the 2017–2022 period, addressed the complexity and ever-evolving nature of cyber risk in his remarks. He highlighted the need for continuous vigilance and cooperation among all stakeholders, including customers, financial service providers, and third parties, to minimize cyber risk. Transactions should be conducted with caution, while education and outreach efforts should be prioritized to enhance cyber resilience within the financial industry.
"To minimize cyber risk, the cooperation of all stakeholders, both customers, financial service providers, and third parties, must always be vigilant in maintaining transactions, carrying out education and outreach," concluded Wimboh Santoso.
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