Indonesia’s OJK Urges Banks to Tighten Transaction Checks as Cyber Threats Rise
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- Stronger Cybersecurity: Indonesia’s financial regulator has instructed banks to strengthen cybersecurity and tighten transaction monitoring.
- Real-Time Monitoring: Banks must monitor high-value transfers in real time and suspend suspicious transactions until verification is complete.
- Global Cyber Threats: FortiGuard Labs recorded nearly 1.9 million blocked cyberattacks worldwide over 24 hours, with financial institutions the most targeted.
JAKARTA, Indonesianpost.com — Indonesia’s Financial Services Authority (OJK) has called on banks to tighten financial transaction monitoring and strengthen cybersecurity as digital threats targeting the global financial industry increase.
Dian Ediana Rae, OJK’s chief executive of banking supervision, said the regulator sent formal instructions to bank boards of directors last week, urging them to take immediate steps to prevent potential cyberattacks.
The measures include closer, real-time monitoring of high-value transactions. Banks must also immediately suspend transactions flagged as unusual until verification is complete.
Coordinating Minister for Economic Affairs Airlangga Hartarto also urged banks to strengthen their digital defenses to protect national information systems and financial infrastructure from hacking attempts.
“Each bank must strengthen its cybersecurity, especially given the digital mechanisms currently in place,” Hartarto said.
Hartarto said the rise in global cyberattacks was testing Indonesia’s digital resilience as technology becomes increasingly embedded in banking operations.
Existing digital resilience regulations also require banks to conduct regular penetration testing, which checks systems for exploitable weaknesses, along with cyberattack simulations and information technology audits.
The urgency of stronger cybersecurity measures is reflected in FortiGuard Labs data showing that nearly 1.9 million cyberattacks were blocked worldwide within 24 hours, equivalent to about 22 attacks per second.
Financial services, banking and insurance institutions were the most targeted globally, accounting for approximately 999,000 recorded attack attempts. [IDNfin/Bilah]
