"In the end, the importance of cyber risk management can be summed up in one sentence. It takes several years to build a reputation and only a few minutes of a cyber incident to immediately destroy it," LPPI director Edy Setiadi stated on Thursday.
He made the statement at the Indonesia Cyber Risk 2024 Seminar-Mitigating Cyber Risk and Building Trust held in Jakarta.
Based on the 2020 International Monetary Fund (IMF) data, the estimated total annual average loss experienced by the financial services sector globally caused by cyberattacks amounted to US$100 billion, or more than Rp1,433 trillion.
Setiadi pointed out that the rapid use of technology has surpassed the ability of society, companies, and regulators to truly apply the principles of safety and security in technology.
In implementing leading technology, he said, it is important to strengthen the basic systems required to support it, including the financial sector, which faces large cyber risks.
"This is important because cyberattacks are a major operational risk that can threaten the operational resilience of financial institutions and have a negative impact on the overall macro-financial stability," he emphasized.
He cited as an example a case in May 2023 when one of the state-owned banks experienced a cyberattack, causing access to the bank's services to be disrupted. However, the bank's services were soon restored and returned to normal.
Setiadi further affirmed that in an interconnected world, an inseparable relationship exists between cybersecurity and sustainable finance. Cybersecurity plays a critical role in supporting and advancing sustainable finance.
By protecting investments, increasing transparency, and building trust, cybersecurity can help create a more sustainable and resilient financial future, he said.
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Translator: Martha Herlinawati Simanjuntak, Cindy Frishanti Oc
Editor: Tia Mutiasari
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