Financial institutions are the main targets of cyberattacks, research director at the department of banking research and regulation of the Financial Services Authority (OJK), Mohamad Miftah, has said.
Based on data collected in 2021, 23 percent of cyberattacks recorded during the year targeted the financial sector, he informed.
“The financial industry, in this case, banking, is the first target of cyberattacks, as they (the attackers) are looking for profits in the form of money,” he remarked at a webinar on digital security, accessed online from here on Wednesday.
Global losses due to cyberattacks have been estimated at US$100 billion annually, he said.
As of September 2021, 927 million anomalous traffic or cyberattacks have been reported in Indonesia, he noted. The number is almost double compared to 2020, when it was pegged at 495.3 million, he added.
“Because of technology and banking development, cyberattacks have also increased. We are aware that digital education or literacy needs to be bolstered,” he explained.
According to Miftah, both financial industry players and customers must anticipate cyberattacks together.
If the banking sector is expected to build a more secure digital system, then customers must not share personal data and OTP (one-time password) codes on social media and create different passwords for each digital platform, he said.
“The industry must strengthen digital systems and users must be made aware of the risks of using digital transactions,” he stressed.
Source: Antara News