Storing money in banks has become increasingly convenient as all\ntransactions can now be done from the palm of your hand. Transfers, bill\npayments, shopping, investments, and managing savings can all be\nperformed via mobile phone. However, this convenience comes with new\nrisks. Cybercrime is no longer just about stealing personal data. If\nperpetrators manage to take over a victim\u2019s account, phone number,\ndevice, or credentials, the impact can be directly felt on their bank\naccounts and financial assets.<\/p>\n
Data from the National Cyber and Crypto Agency (BSSN) recorded 1.52\nbillion cyber attacks throughout the first half of 2026. Meanwhile, the\nFinancial Services Authority (OJK) and the Indonesia Anti-Scam Centre\n(IASC) noted approximately 608,000 reports of online fraud from November\n2024 to June 2026, with total losses reaching Rp7.5 trillion. For a\npublic increasingly dependent on digital services, safeguarding\nfinancial security is no longer sufficient with just strong passwords or\ntwo-factor authentication. Personal cyber insurance is becoming relevant\nas an additional layer of financial protection.<\/p>\n
In 2023, a case of a customer\u2019s account being breached demonstrated\nhow a digital attack can drain savings. A customer from Malang named\nIrwan Gema reportedly lost around Rp549 million after opening a file\nsent via WhatsApp. After the file was opened, his phone malfunctioned or\nwent blank, and two transactions he did not authorise occurred, one for\nRp500 million and another for Rp49.9 million. The perpetrator left only\nRp90,000 in the victim\u2019s savings balance. This case highlights that\ncyber attacks do not always appear as complex hacker operations.\nPerpetrators can use phishing, fake files or applications, malware, OTP\ntheft, SIM swaps, and social engineering. Another case that went viral\nin 2025 showed that cyber criminals can even take over authentication\nchannels through phone numbers, SMS OTPs, or email without directly\ncontrolling the victim\u2019s phone.<\/p>\n
This is where the public needs to understand the difference between\ndigital security and financial risk transfer. Antivirus software,\npassword managers, two-factor authentication, and the habit of not\nclicking on random links are preventive measures. Meanwhile, cyber\ninsurance works as a layer of protection when the insured risk actually\noccurs. Personal cyber insurance products available in Indonesia show\nthat their coverage can extend beyond just theft of money. For example,\na Personal Lines cyber insurance product from a national private\ninsurance company provides benefits such as: theft of funds due to\nunauthorised access to accounts, credit\/debit cards, or mobile wallets;\nphishing or email spoofing; identity theft; online transactions or\nshopping that result in losses; data recovery and malware\ndecontamination; hardware replacement under certain conditions; and\ncyber extortion. This is important because losses from cybercrime often\ndo not stop at the account balance. Victims may need IT experts to\nrecover devices, deal with identity theft, conduct identity monitoring,\nor even incur legal costs.<\/p>\n
The personal cyber insurance market in Indonesia is beginning to\ndevelop, and product models are increasingly diverse. For instance, MSIG\nIndonesia, in partnership with Jenius by SMBC Indonesia, recently\nlaunched a Personal Lines Cyber Insurance product that protects\ncustomers\u2019 digital financial transactions from various cybercrime risks.\nPremiums start from Rp70,000 per year with coverage of up to Rp50\nmillion per policy period. Chubb Indonesia, together with Bank DBS\nIndonesia, offers Cyber Guard with premiums starting from Rp60,000 for\nprotection of up to Rp10 million and Rp150,000 for protection of up to\nRp50 million. Its coverage includes unauthorised transactions, account\ntakeover due to phishing, spyware, malware, and social engineering,\nsubject to policy terms and conditions. Previously, BCAinsurance also\noffered Personal Cyber Insurance with premiums starting from Rp8,750.\nThe product is designed to protect against risks from internet payment\ntransactions, online shopping, and administrative costs due to online\nidentity theft.<\/p>\n
The availability of these cyber insurance products shows that\npersonal cyber insurance is already available in Indonesia, although\ndistribution and benefits vary widely. The key to needing such\nprotection is not wealth but the extent of an individual\u2019s dependence on\ndigital activities. The greater the dependence, the more relevant cyber\ninsurance becomes. Groups that should consider it include active mobile\nbanking users, those who keep emergency funds in digital accounts, users\nof e-wallets and payment cards, freelancers and digital workers, and\nindividuals with numerous digital accounts. The assumption that one is\nsafe because they never click on strange links is outdated, as\ncybercrime methods continue to evolve. Phishing remains a primary\nmethod, but perpetrators also use malware, SIM swaps, credential theft,\nsocial engineering, and even taking over devices or authentication\nchannels.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/can-insurance-replace-money-lost-when-hackers-breach-bank-accounts-1786607538", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }