Indonesian Financial Services Authority
2. Compliance with regulations Indonesia has various laws and regulations related to data protection and cybersecurity, such as the Personal Data Protection Act (PDP Act), OJK Regulations, and other regulations. FSTI Providers must comply with related regulations in implementing these guidelines to avoid potential penalties and reputational damage. 3. Building trust with customers Implementing data protection policy and communicating it clearly to customers to build trust in the services provided. 4. Mitigating cyber risks A data protection policy that includes regular security assessment, updates to encryption methods, and secure access controls helps FSTI Providers mitigate these risks and protect data against potential cyber-attacks. 5. Enabling secure collaboration In the event that FSTI Providers collaborate with other entities, such as banks in processing payments or third-party service providers, a robust data protection policy is required to ensure that data shared with these partners is encrypted. 6. Fostering innovation and growth FSTI Providers must promote innovation and growth by prioritizing data protection and cybersecurity to maintain their customers’ and stakeholders’ trust.
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