As of October 2023, the National Cyber and Encryption Agency (BSSN) reported 361 million cyber attacks or traffic anomalies in Indonesia. Despite this, Bank Indonesia stated that, over the last five years, the value of national digital transactions has increased by over 158%. There is a need to address the high risk of cybercrime immediately to ensure data security in digital transactions.
“A total of 1,900 cybercrime groups are globally monitored, posing threats such as ransomware and phishing. Hacking cannot be completed instantly, meaning that if it is detected only now, the cybersecurity technology in place has not been able to detect the threat in a timely manner. As a result, the infrastructure can no longer be utilized, leading to public distrust,” said Ardi Sutedja, Chairman of Indonesia Cyber Security Forum at a Media Clinic titled “Enhance Personal Data Awareness: VIDA Calls Users to Safeguard Data Security” co-organized by AFTECH and VIDA on Thursday (30/11).
The protection of personal data is crucial not only for users but also for players in the fintech industry in enhancing digital trust among the community. Digital identity can be a solution to safeguard personal data and user privacy in the face of technology’s rapid adoption and cybercrime’s expansion. By lowering the risk of identity misuse, digital identity can increase social trust in digital technologies.
SVP Head Product of VIDA Ahmad Taufik explained, “As of last year, digital signatures were the most popular form of digital identity. The number is expected to grow ninefold by 2030. Digital signatures are secure since their governance complies with the Personal Data Protection Act (PDP) law. VIDA Sign offers advantages, including a faster and more straightforward onboarding process for both individual users and businesses. VIDA Sign’s legality is on par with a traditional handwritten signature.”
As an Electronic Certification Provider (PSrE) operating under the Ministry of Communication and Information Technology (Kominfo), VIDA serves as a secure and user-friendly digital identity service solution. It provides legal certainty through identity verification services, digital signatures, and multifactor authentication.
“There are inevitably cybersecurity dangers associated with the expansion of the fintech sector and digital ecosystem. Consumers, industry players, associations, regulators, or the government must take several key steps. As a group, AFTECH is always promoting cybersecurity measures to prevent fraud, protect personal data, deal with unauthorized cases, and advance and improve GRC [governance, risk management, and compliance],” said Aries Setiadi, Executive Director of AFTECH.
Echoing a similar sentiment, Gajendran Kandasamy, Co-Founder and Chief Product & Innovation Officer of VIDA, said in his speech, “We consistently promote the enhancement of digital financial literacy in Indonesia and raise awareness about the importance of personal data protection. We hope Indonesia will become a leading country among ASEAN nations in implementing personal data protection.”
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