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Cyberattacks, fraud threaten digital economy
Indonesia hit by 12.9m cyberattacks in 2018: BSSN.
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A study released recently by Grant Thornton found that two-thirds of middle-sized and large businesses have experienced at least one cyberattack in the last 12 months, while 73 percent of 500 companies reported a loss of 25 percent as a result of cyberattacks. (Bloomberg/Chris Ratcliffe)
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yberattacks, internet fraud and system failures are threatening Indonesia’s digital economy as the rapid growth of the new economy is not yet supported by adequate protection and reliable technology, analysts and business players have warned.
A study released recently by Grant Thornton found that two-thirds of middle-sized and large businesses have experienced at least one cyberattack in the last 12 months, while 73 percent of 500 companies reported a loss of 25 percent as a result of cyberattacks.
A study by the National Cyber and Encryption Agency (BSSN) found that Indonesia was hit by a record 12.9 million cyberattacks last year with an average 15 percent growth per year, signifying the rise of cyberattacks in the world’s fourth most populous nation.
The Financial Services Authority (OJK) is taking several measures to protect Indonesia’s digital economy through its involvement in drafting a data protection bill and continuously urging the financial industry to improve its cybersecurity systems to improve consumer trust.
“We are currently formulating a data protection bill to protect personal information and data breaches,” the OJK's deputy commissioner, Sarjito, said in Jakarta on Tuesday. However, he added that the law alone would not be able to resolve all the problems because it would mainly just provide a legal basis for enforcement.
The most important thing, according to him, is the awareness of business players, especially in banking, financial technology (fintech) and online marketplaces, of the need to regularly update their anti-cybercrime technology.
“Although financial services in the digital era would never be immune from cyberattacks, they are obliged to mitigate the risks by updating their cyberdefenses,” he told The Jakarta Post.
