OJK Strengthens Cybersecurity Measures for Regional Banks After Major Hack

Comprehensive Response to Cybersecurity Incident

The Financial Services Authority (OJK) has initiated an immediate and comprehensive examination of all Regional Development Banks (BPD) across Indonesia following a significant cybersecurity breach involving BI-FAST services, resulting in approximately Rp200 billion in losses ¹

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. The breach has prompted OJK to take decisive action to enhance the cybersecurity posture of regional banks.

Regulatory Framework and Supervisory Actions

OJK has emphasized its commitment to strengthening the banking sector's cybersecurity through various regulatory measures. The authority has issued key regulations including POJK No.11/POJK.03/2022 on Information Technology Implementation and SEOJK No.29/SEOJK.03/2022 on Cybersecurity for Commercial Banks ²

. These regulations provide a comprehensive framework for banks to enhance their cybersecurity capabilities.

Enhanced Supervision and Industry Collaboration

In response to the incident, OJK has implemented a Risk-Based Supervision (RBS) approach to monitor banks' cybersecurity preparedness more effectively ³

. The authority is also enhancing collaboration with Bank Indonesia and other relevant stakeholders to create a more robust cybersecurity ecosystem. OJK is pushing for international cooperation to address the global nature of cybercrime, particularly in tracking funds transferred to international crypto assets ²

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Future Preparedness and Digital Banking Oversight

Looking ahead, OJK is establishing a dedicated Digital Banking Supervision Directorate effective 2026 to better oversee the rapidly evolving digital banking landscape ⁴

. This new directorate will focus on ensuring that digital banking operations maintain high standards of cybersecurity and risk management. The establishment of this specialized unit demonstrates OJK's proactive approach to addressing the complex challenges in the digital financial services sector.