Standards, Regulations & Compliance , Video

How Banks in Indonesia Are Preparing to Meet OJK Regulations

OJK, the financial regulator in Indonesia, in December 2022 introduced regulations to ensure better cyber resilience for the financial industry. Wahyu Agung Prasetyo, IT and cyber risk management head at Bank Mega, shared how his bank is preparing to meet the regulations and the challenges ahead.

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"Five years back we could not even calculate the cyber risks within the operational risks of banks, but now banks have clear directions from regulators on how to measure the maturity of cyber resilience itself," Prasetyo said. "We have been given clear instructions on how banks can prepare for the worst-case scenario."

Prasetyo said he has implemented a few parameters of the OJK's cybersecurity checklist on operational risks. "This is the first step and after this, we will integrate this into our cybersecurity strategy. Then this will be part of our enterprise risk management framework."

In this video interview with Information Security Media Group, Prasetyo also discussed:

• How banks can prepare to meet OJK regulations;
• Why DPOs and CISOs need to work together;
• Challenges on the path to compliance.

Prasetyo has more the 15 years of experience in the field of information technology including computer networks, operating systems, and information and cybersecurity.