Indonesian Financial Services Authority
cost of data breach across all industries (USD 3.92 million). Domestically, the National Cyber and Crypto Agency (BSSN) recorded that Indonesia experienced 361 million cyberattacks in 2023, with the financial sector being the most targeted compared to other sectors. In this regard, the Financial Services Authority recognizes that the financial sector, including the FSTI sector, will continue to be a primary target for cyberattacks and will be highly vulnerable if it does not implement an effective and responsive cybersecurity framework. Therefore, the implementation of a cybersecurity framework in the FSTI sector is crucial, which is hoped to serve as a protective mechanism that can be used to minimize disruptions to the availability, integrity, and confidentiality of data and information managed by FSTI providers in cyberspace. In the context of implementing a cybersecurity framework, this guide provides a mapping of a cybersecurity framework through a multi-aspect approach and layered security strategies, where FSTI provider’s understanding of cyber risks from innovations being carried out is the first and most crucial step in developing and implementing appropriate risk mitigation measures to prevent cyber incidents. The Financial Services Authority also emphasizes the importance of implementing cybersecurity that can be integrated into the innovation life-cycle. This means that the development of innovation using new technology and the implementation of cybersecurity are not mutually exclusive. Through this mechanism, it can
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