OJK Says Cybercrime Expected to Cost the World US$8 Trillion.
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30 November 2023 20:00 WIB
TEMPO.CO, Jakarta - The Financial Services Authority (OJK) chair of the audit board commissioner, Sophia Wattimena, said the technology development has brought tremendous opportunities in all aspects. However, she also pointed out that this also brings inevitable vulnerabilities and cybersecurity risks.
“Cybercrime around the world will reach a quite significant damage cost of about US$8 trillion in 2023,” Sophia said at the 2023 Risk and Governance Summit (RGS) held at the Shangri-La Hotel in Jakarta, on Thursday, November 30.
She also cited data from the Institute of Internal Auditors (IIA), which estimated losses from ransomware alone could reach around US$265 billion by 2031. “That’s a huge projection,” she added.
On average, it takes an organization 277 days to complete such a cybercrime. “So it's quite a long time, not a sudden [event], and the workforce gap in the cybersecurity industry is 3.4 million people,” Sophia said.
In Indonesia, the National Cyber and Encryption Agency (BSSN) revealed there were more than 361 million cyberattacks from January to October 2023. “So the number is quite significant,” she added.
Sophia argued that the risk cannot be avoided given the rapid development of the technological age. However, she believed it could be mitigated by implementing standard business processes according to the latest best practices while complying with applicable regulations.
DEFARA DHANYA PARAMITHA
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