Developing Countries Discuss Cyber Attacks on capital Market

Developing Countries Discuss Cyber Attacks on capital Market


The International Organization of Securities Commissions, the Growth and Emerging Markets Committee (IOSCO GEM-C) discussed the anticipation of cyber attacks on capital markets? surveillance security system during its annual meeting in Nusa Dua, Bali.

“The discussion was an effort to increase efficiency in the financial services industry with the confidence that the system we use is secure,” head of the Department of Capital Market Supervision 1A, the Indonesian Financial Services Authority (OJK), Gonthor Ryantori Aziz, said here on Thursday.

The IOSCO GEM-C meeting is being held from January 20 and will end on January 22, drawing participation from hundreds of delegates from 39 countries.

According to Gonthor, industrial surveillance systems are vulnerable to cyber attacks via Internet connections.

He added that although there had been no indications of cyber attacks against the capital market security system in Indonesia, it had to be anticipated.

“In Indonesia, there has been no cyber attack on the capital market, but certainly the potential is always there. We will ensure in the existing system that our capital market can anticipate it,” Gonthor remarked.

The meeting is expected to produce real efforts to anticipate cyber crimes that have disrupted the security system of capital markets, especially IOSCO members.

IOSCO was established in April 1983 with 170 institutional members, consisting of governmental agencies and capital market securities-associated institutions.

Nearly 75 percent of IOSCO members are developing countries, which are members of the GEM-C.

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The Bali Times