BI Strengthens Cyber Resilience Initiatives
6/22/2022
Bank Indonesia (BI) is strengthening cyber resilience both within the central bank and within the financial industry. This was realized through the launch of the Cybersecurity Culture Program as well as the establishment of an inter-agency cyber resilience center in Indonesia and building a response team for computer incidents related to financial security.
Head of the Communications Department of Bank Indonesia Erwin Haryono said that the initiative received attention and appreciation from Central Banking Publication (CBP) by awarding the Cyber Resilience Initiative (cyber resilience initiative) in Central Banking's FinTech RegTech Global Awards in 2022.
“Cyber resilience must be pursued in human, process, and technological aspects. In this Cybersecurity Culture Program, we do not only focus on humans as a crucial factor, but also holistically so that together we can build a stronger financial ecosystem," said BI Deputy Governor Juda Agung in a written statement, Tuesday (21/6/2022). .
Furthermore, he said, there is no ultimate weapon to guarantee an organization is free from cyber threats. Therefore, there is a need for a layered security approach that includes people, processes, and technology.
Central Banking Publications (CBP) is a publication that focuses on the discussion of public policy and financial markets, with an emphasis on central banks, international financial institutions, and financial market infrastructure and regulations. The 19 awards presented by CBP take into account the technological achievements of central banks, supervisors, and commercial technology providers.
In the fifth annual award, Bank Indonesia is side by side with other central banks that have received awards, including the Central Bank of Brazil (Brasil) in the Data Management Initiative category, Bank of Ghana (Republic of Ghana) in the FinTech Policy of the Year, and Bangko Sentral ng Pilipinas (Philippines).
According to Erwin, the achievements in the international arena are an important note, but they are not only a single measure or the ultimate goal. The initiative to strengthen cyber resilience by BI needs to be carried out not only from and for BI, but also requires synergy with the financial industry and the community.
"In the future, Bank Indonesia together with related institutions and the financial industry will seek to strengthen cyber resilience in order to maintain financial system stability," he concluded.
