Indonesian Multifinance Sector Faces Rising Cyber Threats

Recent Attack Highlights Industry Vulnerability

The Indonesian multifinance industry is facing a growing threat from cyber attacks, as demonstrated by a recent security breach at PT Clipan Finance Indonesia Tbk (CFIN). The incident, which occurred on November 26, 2025, has raised concerns about the sector's vulnerability to such attacks.

Industry Response and Recommendations

The Asosiasi Perusahaan Pembiayaan Indonesia (APPI) has responded by urging its members to strengthen their IT security infrastructure. APPI Chairman Suwandi Wiratno emphasized that all industries, including multifinance, are potential targets for cyber attacks, regardless of their current security measures.

Key Recommendations

1. Enhanced IT Infrastructure Security: Companies are advised to invest in robust security measures to protect their systems.
2. Rapid Recovery Planning: Businesses are encouraged to develop comprehensive recovery plans to minimize disruption in case of an attack.
3. Continuous Monitoring and Improvement: Regular security audits and system updates are crucial to staying ahead of emerging threats.

Impact on Businesses and Customers

The recent cyber attack on Clipan Finance resulted in the temporary shutdown of some of its main systems as a precautionary measure. This led to service disruptions for debtors and operational challenges for the company. While the multifinance firm has been working closely with relevant authorities to address the issue, the incident has highlighted the potential risks to customer data and business continuity.

Regulatory Oversight

As a publicly listed company, Clipan Finance reported the incident to the Otoritas Jasa Keuangan (OJK), Indonesia's financial services regulator. The company's incident response team has been coordinating with the relevant authorities to identify technical areas that require adjustments and is working to stabilize its systems.

The incident serves as a wake-up call for the multifinance sector to prioritize cybersecurity and invest in advanced protective measures. As Suwandi Wiratno noted, technology investment is no longer optional but a necessity in today's digital landscape.