Financial Services Authority (OJK) deputy commissioner for private bank supervision Indarto Budiwitono said that the massive transformation and digitalization of banking services required the strengthening of information security and consumer protection to withstand the high potential of cyberattacks.

“Banks need to develop an agile and measured digital strategy not only in efficiency but also to meet customers’ expectations which are getting more complex,” he said on Aug. 19, as quoted by a IDBS press statement.

“Digital transformation must also be balanced by continuous investment in cybersecurity, data analytics capabilities and the integration of cloud technologies and artificial intelligence.”

Indarto said that cyber resilience is not only about system defense but also bank reputations and business continuity.

The IDBS was organized by the Indonesian Fintech Association (AFTECH) with the theme “Securing Economic Growth: Trusted Digital Finance as an Enabler of an Inclusive Economy”, amid strong growth in the digital economy, which reached US$90 billion in 2024, an increase of 13 percent when compared to the previous year.

Bank Indonesia (BI) recorded QRIS transactions in the first half of 2025 of Rp 317 trillion (US$19.49 bilion), a 121 percent growth year-on-year (yoy). With more than 57 million users and 93 percent of merchants categorized as micro, small and medium enterprises (MSMEs), the digital adoption shows a high level of inclusivity and emphasizes digital finance service’s strategic role as the prime mover of national economic growth.

AFTECH chairman Pandu Sjahrir said that his organization focused on three outputs for this year’s IDBS.

“This year we are focusing on strengthening cyber resilience and common intelligence-based scam prevention, designing financial products which are inclusive for MSMEs and underserved society and sustainable collaborative architecture,” he said in the statement.

He said that trusted digital finance would serve as a fundamental foundation for safe, just and sustainable economic growth and would support realizing economic growth of eight percent.

Meanwhile, AFTECH vice chairman Budi Gandasoebrata emphasized three pillars that need to be carried out simultaneously to allow digital finance to become economic leverage.

“First we need adaptive and risk-based regulation and supervision so that innovation does not sacrifice security,” he said.

“Second, digital innovation such as AI and open finance must be supported by accountability and strong governance. And third, public anti-scam campaigns and education must be conducted in an integrated, cross-platform and regulated way.”

Stakeholders discussed the double role of AI as an innovation and a new cyberthreat which is becoming more sophisticated.

National Cyber and Encryption Agency director of cybersecurity for finance, trade and tourism Edit Prima said that AI-based attacks, such as personalized phishing and polymorphic malware could only be effectively deterred by AI-powered defense.

“We must be ready for AI-based attacks and know how to face them. [There is] no other way but to also use AI,” he told the discussion session.

He also emphasized the importance of threat intelligence sharing as the key to collective defense.