Regulatory Alerts2024-04-18
Bank Indonesia Regulation Number 2 of 2024 on Information System Security and Cyber Resilience for Payment System Providers and Other Supervised Parties
Bank Indonesia issued Regulation Number 2 of 2024 to mandate information system security and cyber resilience standards for payment system providers, money market and foreign exchange market participants, and other supervised entities. The regulation requires these providers to implement comprehensive governance, prevention, and handling frameworks that integrate cyber risk management with enterprise risk processes. It further obligates entities to establish strategic plans, conduct periodic risk assessments, and maintain robust detection and recovery capabilities to ensure financial system stability.
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