CYBERSECURITY | Indonesian banks face rising cyberattack threats, Check Point says

Indonesian banks are facing increasing cyberattack activity, prompting calls for financial institutions to strengthen transaction monitoring and prepare coordinated responses to suspicious activity, according to Check Point Software Technologies.

Jayant Dave, chief information security officer for Asia-Pacific at Check Point, said financial institutions remain attractive targets because of the money and sensitive information they handle.

“Check Point’s research found that attacks on financial institutions more than doubled last year, and Indonesia ranked third in the world for financial-sector data breaches and leaks,” Dave said.

He cautioned against relying solely on the number of reported attack attempts to assess the severity of an incident.

“Counting attack attempts tells you how loud the noise is. It doesn’t tell you what got through,” he said.

Dave, who said he previously led security operations for a bank, said financial institutions should focus on identifying potentially affected customer accounts, payments and suppliers during a surge in attacks.

He also cited the Indonesian regulator’s recommendation for banks to temporarily hold unusual transactions for verification, describing the measure as a way to limit potential losses while suspicious activity is investigated.

For banks across the Asia-Pacific region, Dave said preparation should include establishing in advance which transactions may be held, identifying officials authorized to approve decisions and rehearsing incident-response procedures.

He also urged banks to communicate with customers through official channels during an attack surge, when criminals may impersonate financial institutions to exploit public concern.

Dave said financial institutions should prioritize preparedness and coordinated customer communication rather than respond to rising attack activity with panic.

Full disclosure: All news articles published on the TechSabado website are written by human journalists, unless otherwise specified. Final text editing is also performed by human editors, with artificial intelligence (AI) used only to assist with additional grammar and style guide corrections..

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