OJK Regulates the Organization of IT-Based Activities by Commercial Banks

In response to increasing levels of operational risk in the form of cyber risk that are resulting from the high levels of access and connectivity of third parties during the utilization of information technology (“ IT ”) within the banking sector, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) is working to increase the quality of banking operations through the organization of information technology. In order to achieve this goal, the OJK recently issued Regulation No. 11/POJK.03/2022 on the Organization of Information Technology by Commercial Banks (“ Regulation 11/2022 ”). [1]