Discussions about cybersecurity are inseparable from issues related to computer networks and internet-based information security in today’s global era. Cybercrime has emerged alongside the rapid development of information technology. Cyberattacks themselves are a logical consequence of the advancement of the information technology era. Forms of cyberattacks include cybercrime, botnets, attacks on financial institutions, the spread of multi-purpose malware, state-sponsored cyber activities, and hacking activities. These trends utilize cyberspace as the primary channel for carrying out their actions.
Based on data published by the National Cyber and Crypto Agency (BSSN), a total of 714,170,967 anomalous traffic incidents or cyberattacks occurred throughout 2022. The highest number of attacks took place in January, reaching 272,962,734 incidents—more than one-third of all attacks recorded during the first half of 2022. According to this data, the most dominant cyberattacks were ransomware or malware attacks that demand ransom payments.
The World Economic Forum published the Global Cybersecurity Outlook 2022, which surveyed 120 global security leaders from 20 countries participating in the World Economic Forum Cybersecurity Leadership Community and the Accenture Cybersecurity Forum. Based on the survey results, the top three cyber threats of concern for most organizations in 2021 were ransomware, social engineering, and malicious insider activity.
In addressing ransomware cyberattacks, companies should consider adopting platform-based cybersecurity solutions capable of stopping ransomware threats across all attack vectors. Such solutions require a layered security model that involves networks, endpoints, and data center controls. The goal is to ensure that if a threat successfully breaches a company’s security gap, incident response can be carried out quickly and effectively.
The increasing prevalence of cyberattacks in recent times must be a serious concern for financial services institutions. According to the X-Force Threat Intelligence Index 2022 by IBM Security, 22.4% of cyberattacks among the top ten industries in 2021 targeted the financial and insurance sector, ranking second after the manufacturing industry (23.2%). In more detail, 70% of attacks targeted banking institutions, 16% insurance companies, and 14% other financial sectors.
Considering the above, it is essential for financial services institutions to understand cybersecurity incidents and determine appropriate response measures as part of mitigation efforts to minimize the risk of financial losses resulting from such attacks.
Source:
https://www.ojk.go.id/ojk institute/fe/capacitybuilding/upcoming/1032/best-practices-penanganan-insiden keamanan-siber-di-sektor-jasa-keuangan
