Navigating Data Protection in Financial Services: Insights from INFOBANK CONNECT

In today’s fast-paced digital landscape, especially within the financial services sector, data protection has emerged as a critical aspect that requires meticulous attention from all stakeholders involved. The increasing reliance on digital transactions has simultaneously opened the gates to multiple vulnerabilities, making the management of data security paramount for sustainable business operations.

The Event: INFOBANK CONNECT

On September 24, 2025, Infobank Digital, a segment of Infobank Media Group, collaborated with Synology to host INFOBANK CONNECT: Financial Inclusion 5.0. This event focused on building data protection systems through advanced digital technology, hosted at the Ritz Carlton in Jakarta.

Noteworthy attendees included the Acting Head of the Financial Conglomeration Supervision Department of the Financial Services Authority (OJK), Yudi Permana, who delivered a compelling keynote speech. The session continuum saw dynamic conversations led by industry leaders, including Lily Wongso of Bank Central Asia and Clara Hsu, Country Manager of Synology Inc., moderated by IT Observer and Cyber Security expert Alfons Tanujaya.

The Growing Cyber Threat Landscape

One topic that loomed large during the event was the dramatic rise in cyber-attacks, particularly post COVID-19. Yudi Permana cited startling statistics: “In 2024, Indonesia experienced a staggering 330.5 million cyber attacks, placing the financial sector as the fourth most targeted.” He emphasized that the shift towards digital transactions brought about by the pandemic facilitated this influx of cyber threats.

“OJK has responded with a series of policies aimed at helping banks serve customers digitally,” Yudi explained. However, he cautioned that despite these measures, the evolving nature of cyber risks often outpaces public awareness, pointing to the need for continual education within banking institutions and their clientele.

Employee Awareness: Bridging the Security Gap

Yudi articulated a crucial point regarding internal vulnerabilities: “Cyber attacks frequently exploit systems due to inadequate employee understanding of data protection’s significance.” This underscores an essential facet of cybersecurity: employee education. Banks must implement training programs that enhance staff awareness about potential threats and emphasize the importance of safeguarding financial data.

Best Practices for Data Protection

Lily Wongso elaborated on the mechanisms utilized by PT Bank Central Asia to fortify data protection. Emphasizing the importance of a robust data backup system, she pointed out that regular exercises concerning critical application functionality are crucial, aligning with OJK regulations (POJK 11/2022 and SEOJK 29/2022).

No bank is entirely shielded from data breaches, and Lily noted the potential repercussions, including significant financial losses and reputational damage. “We employ the NIST cybersecurity framework, focusing on identity, protection, detection, response, and recovery,” she outlined, indicating a structured approach to managing cyber threats.

Insights from Synology: The Layered Approach

Clara Hsu shared valuable strategies for enhancing data protection and achieving cyber resilience in the financial sector. Stressing that backup is merely the foundational step, she highlighted the necessity for comprehensive data recovery solutions. “Backups must be fully restored and resilient against attacks, especially ransomware,” Clara mentioned.

Her presentation introduced a layered security model with essential components, such as access controls, system security to mitigate hardware and software vulnerabilities, and data integrity maintenance. Synology’s recommended 3-2-1-1-0 backup strategy—three copies of data across two different media, one stored offsite, one offline, and zero errors during recovery—is a practical approach aimed at safeguarding data more efficiently.

Recovery and Business Continuity

In the end, the emphasis was placed on the timely recovery from cyber incidents. Clara reinforced that comprehensive data protection strategies can enable financial institutions to bounce back swiftly from attacks without major disruptions to their operations. “Data protection means ensuring that data can be recovered, remains intact, and is managed centrally through proactive strategies,” she concluded.

As financial institutions continue to grapple with the intricacies of data security within a digital economy, the insights shared during INFOBANK CONNECT set a trajectory toward enhanced resilience and informed governance in data protection strategies.