Perbanas examines formulation of cyber insurance to protect financial sector

Jakarta (ANTARA) - The Chairman of the Technology & Security Division of the National Banking Association (Perbanas), Toto Prasetio, stated that his organisation is examining proposals for developing cyber insurance products to protect the financial sector from losses caused by cybercrime.

The proposal will subsequently be submitted to the Financial Services Authority (OJK) for follow-up by the regulator to strengthen the resilience of the financial services sector, which increasingly relies on digitalisation, particularly in banking.

He stated during the CxO Forum Banking Update 2026 talkshow in Jakarta on Wednesday that the development of such insurance products forms part of efforts to improve the overall governance of the financial services sector.

“From Perbanas, we will work out (discuss) topics like this (cyber insurance) to ensure the calculations are reasonable, including how much the premiums will be,” said Toto Prasetio.

Nevertheless, he was unable to provide detailed information regarding the insurance product.

“I can’t discuss the details of its form yet because it’s still an ongoing process from the work stream we have,” he explained.

In addition to developing cyber insurance, he conveyed that regulators also need to promptly establish cyber resilience standards.

Toto cited, for example, that Bank Indonesia (BI) has implemented and encouraged the adoption of the ‘zero trust’ concept, which has become the standard for all banking industry players. However, to date, there is no regulation regarding the minimum standards for how this concept is implemented in each bank.

Zero trust is a cybersecurity approach that validates or verifies every interaction in the network using rapid detection and responsive measures against cyber attack threats.

This cybersecurity approach, which upholds the principle of ‘Never Trust, Always Verify’, minimises trust in users accessing a network architecture, thereby making it difficult to grant access to any party.

Toto stated that one cyber resilience standard that banks need to have to implement ‘zero trust’ is, for instance, fraud detection systems that can be used to reduce the risk of cyber attacks.

“We must discuss (these standards) because I myself am convinced that Perbanas cannot do it alone; we must collaborate with surrounding external systems (external systems encompassing the banking industry),” he said.