VIDA explains key aspects to strengthen cybersecurity in the financial industry
Jakarta (ANTARA) - Niki Luhur, Founder and Group CEO of VIDA, believes that cross-sector collaboration and strengthening security systems are key to addressing the increasing cyber attacks in the financial services industry.
According to Niki, cyber attacks on the financial sector are not only occurring in Indonesia but are a global phenomenon that is becoming increasingly complex with the rapid development of generative artificial intelligence (AI).
“Indeed, what we are seeing is a phenomenon that is not only happening in Indonesia. The development of generative AI is extraordinarily rapid, and globally, it seems no one is truly prepared to anticipate attacks using AI,” Niki said in South Jakarta on Wednesday.
He explained that in recent years, patterns of cyber attacks have undergone significant changes. Technologies like deepfakes, which were previously experimental, are now widely used by cybercriminals.
In this context, he believes the government’s steps to strengthen coordination between institutions are on the right track.
One of them is through the establishment of the Indonesia Anti-Scam Centre (IASC) task force against online fraud, involving various parties, including the Financial Services Authority (OJK), ministries/institutions, Bank Indonesia, and law enforcement agencies.
According to him, cross-sector cooperation is important because the digital ecosystem involves many parties with different authorities.
“From the payment system side, it is under Bank Indonesia; if there are fake numbers, it is under Komdigi (Ministry of Communication and Digital); if there are fake websites, it is under Komdigi. All of this must be connected. If not, it will be difficult for us to know which is real and which is fake,” he said.
“What is more important is consumer trust. If that is damaged, it takes decades to build that trust. But it can be lost if not handled well,” Niki added.
Furthermore, Niki mentioned that regulators in various countries, including in Southeast Asia, are beginning to enhance cybersecurity standards, for example, in identity verification and user authentication processes.
According to him, clarity in technical standards is important so that industry players have clear references in building security systems.
“This cannot move only from the regulation side but must reach the definition of tools and technologies that need to be implemented with clear standards so that the quality of security is also clear,” Niki said.