In recent years, we've increasingly heard news about data leaks on the dark web, fake social media accounts, and cyberattacks targeting various companies. These threats feel increasingly imminent, as if they could target anyone, at any time, regardless of sector.
A report from the National Cyber and Crypto Agency (BSSN) even recorded that more than 56 million Indonesians' data were exposed on the dark web. This figure is not just a statistic; it is a concrete illustration of how many organizations face digital vulnerabilities. The government sector is the most affected, followed by the financial sector, ICT, and other industries.
Why is the Financial Sector So Vulnerable?
Of all sectors, the financial industry is in a more sensitive position. The main reason is simple: it holds highly valuable data. When digital criminals successfully obtain account data, customer identities, or access internal systems, the potential losses can be enormous.
Furthermore, financial services are now almost entirely digital. Customers conduct transactions from their mobile phones, access services through internet banking, and manage their finances through applications. This ease of access opens up greater opportunities for cyberattacks, ranging from identity theft and fraud to infiltration of internal systems.
At this point, cyber threats are not just technological risks, but also threats to customer trust and business stability.
Why is the finance sector a target for cyber attacks?
Financial institutions store and manage vast amounts of sensitive data—from customer personal information and account numbers to daily transaction details. The economic value of this data is extremely high, making it a prime target for cybercriminals. When this data leaks or falls into the wrong hands, the impact can be devastating, both for individuals and institutions. It's no wonder this sector is one of the most attractive targets on the global cyberattack map.
Furthermore, the digital infrastructure of financial institutions is highly complex and interconnected—between branches, data centers, regulatory agencies, and third-party partners such as fintech companies and payment gateways. This extensive connection opens up more entry points that hackers can exploit to infiltrate the system. Even a single weak point, such as a vendor or an unsecured API connection, can open a wide-ranging attack.
To complicate matters further, financial institutions now rely heavily on technology for all aspects of their operations—from mobile banking and internet banking to core banking systems that operate 24/7. This dependency makes downtime due to cyberattacks not only disruptive but can also directly impact public trust and financial stability. In the ever-evolving digital landscape, cybersecurity is no longer an option but an urgent necessity.
Companies Need a More Proactive Approach
In an increasingly complex environment, companies, both in the financial sector and other industries, can no longer rely on basic security systems. They need a more proactive approach to identify threats early, even before major incidents occur. This is where the Cyber Threat Intelligence Platform (CTIP) plays a crucial role.
Instead of waiting for problems to arise, CTIP helps companies "read" threat patterns, from the potential for internal data being traded on the dark web, to organized phishing attempts, to various suspicious activities seen externally.
With this insight, companies can take swift action to secure systems, update credentials, alert internal teams, and prevent further attacks.
How Does CTIP Help the Financial Sector?
1. Comprehensively protect sensitive data
CTIP can monitor the dark web and surface web, commonly used by cybercriminals, to ensure that no internal information is leaked unknowingly. With this monitoring, financial institutions can identify any indications of data breaches early and take preventative measures before the risk escalates.
2. Provide early warnings when threats emerge
Once the platform detects suspicious activity such as attempted intrusions, credential misuse, or indications of a coordinated attack, CTIP will send a real-time alert. This rapid notification helps security teams respond promptly, minimizing potential losses before they escalate into major incidents.
3. Understand the patterns and behavior of digital criminals
CTIP provides deeper visibility into how attackers operate. By understanding the tactics, techniques, and strategies used by cybercriminals, financial institutions can adapt their defense strategies to be more effective. This insight also helps companies anticipate new types of threats that may emerge.
4. Reduce the potential for fraud
With more comprehensive and accurate intelligence, financial institutions can more quickly identify various unusual activities, from suspicious transactions to unauthorized access attempts. This capability strengthens fraud detection systems and helps prevent greater financial and operational losses.
What are the consequences of not securing data?
When financial institutions neglect cybersecurity, the consequences not only impact internal operations but can also lead to a crisis of trust and broader systemic losses. Here are four key risks to be aware of if cybersecurity is not a top priority.
1. Loss of customer data and leaks of sensitive information
Financial institutions store a variety of crucial information, from personal identities and account details to transaction histories and loan documents. If security systems are weak, this data is highly vulnerable to unauthorized access. Data leaks not only impact individual losses but also open up opportunities for further crimes such as identity theft, fraud, and extortion. Furthermore, regulations such as the Privacy and Data Protection Law mandate data protection, so leaks can result in legal sanctions.
2. Financial losses from fraud, ransomware, and theft
Cyberattacks often result in direct financial losses. In the case of ransomware, for example, perpetrators can lock down critical systems and demand large ransoms. On the other hand, attacks such as Business Email Compromise (BEC) and social engineering can trick employees into transferring funds to criminal accounts. This financial impact can drain operational funds and damage an institution's financial structure in a short time.
3. Loss of public trust and the institution's reputation
In the financial industry, trust is everything. When customers learn that their data is insecure or their funds could be lost due to a vulnerable system, they will not hesitate to move to another, more trustworthy institution. A damaged reputation is very difficult to repair, and the impact can be long-lasting. Even a single incident can tarnish an institution's image nationally, especially if the case receives media attention.
4. Threats to the stability of the national financial system
Financial institutions are not just business entities, but also part of the national financial system. If one large bank experiences a significant cyberattack, a domino effect can occur—disrupting transactions across institutions, eroding investor confidence, and triggering public concern. On a large scale, this can impact economic stability and require intervention from monetary authorities or the government. Therefore, cybersecurity is not only an internal responsibility but also part of national resilience.
Conclusion
Ignoring cybersecurity in financial institutions is not an option, especially amidst the increasing complexity of digital threats that can strike at any time and from anywhere. Any gaps left open can lead to significant losses—financially, in terms of reputation, and in terms of public trust. Therefore, building a robust and sustainable security system must be a top priority.
In the digital age, security is the foundation of trust. As cyberattacks become more sophisticated and data breaches continue to increase, companies can no longer afford to be reactive. With the support of the Cyber Threat Intelligence Platform (CTIP), companies, especially those in the financial sector that hold the most sensitive data, can protect themselves more proactively, gain a deeper understanding of threats, and maintain customer trust, which is at the heart of business continuity.
