Indonesia's Financial Sector Under Siege: Rising Cyber Threats

Experts Warn of Potential Systemic Impact

The Indonesian financial sector is facing an escalating threat from cyberattacks, with experts warning that a large-scale breach could have severe consequences for national financial stability. The Indonesian Risk Professional Association (IRPA) has released a risk-based assessment to help financial institutions strengthen their cybersecurity measures.

Recent Incidents Highlight Infrastructure Vulnerability

A suspected hack of the BI-FAST payment system, managed by Bank Indonesia, has raised concerns about the security of critical financial infrastructure. The incident, which occurred between 2024 and March 2025, involved anomalous transactions and potential electronic fraud, with losses estimated at hundreds of billions of rupiah. While Bank Indonesia has assured that the overall BI-FAST infrastructure remains secure and compliant with international standards, the incident highlights the importance of robust internal security measures among participating banks.

Experts Emphasize Cybersecurity as Growth Foundation

Industry experts stress that effective cybersecurity is not just a protective measure, but a foundation for sustainable growth in the digital economy. The threat landscape is becoming increasingly complex, with cross-border actors and supply chain vulnerabilities adding to the challenge. Experts warn that the impact of cyberattacks goes beyond financial losses, potentially damaging institutional reputation and public trust.

Government and Industry Response

The government and industry stakeholders are working together to enhance cybersecurity capabilities. The National Cyber and Crypto Agency (BSSN) has highlighted the importance of digital literacy and human factors in cybersecurity, noting that about 70% of security aspects depend on human behavior. The IRPA's risk assessment aims to provide financial institutions with a comprehensive framework to evaluate and strengthen their cybersecurity posture.