Tech

Cyber Crimes Impact Financial Loss, BI Takes an Action

Published

1 month ago

March 22, 2024

LSF

There is a big impact of cyber crimes. In the current digital era, the development of information technology is increasingly rapid and has facilitated all aspects of life. In fact, everything is available in the application. However, behind the convenience offered by technology, there is a serious threat that can threaten the security and privacy of users, namely cyber-crime.

It is a criminal offence committed through the internet or electronic devices, which can result in financial loss, loss of data, or even threats to individual safety. It also not only targets applications but can also attack several sectors of the country’s economy so that it will create losses and a rapid economic decline for a country.

This breach case often happens in Indonesia even to Indonesian banks that experience this crime. They claim that the security system in Indonesia is more accessible to hackers from that threaten.

For those of you who don’t know some things about cyber-crime, here is a brief review of cyber-crime and Indonesia’s vulnerability to cyber-attacks so that Bank Indonesia takes security measures below!

The Vulnerability of Indonesia to Cyber Crimes

Indonesia is the country most frequently affected by cyber crimes. On average, government institutions such as the banking sector are the targets of this breach. In fact, the financial and banking sector in Indonesia is the industry that ranks second most affected by cyber attacks, up from third place in 2021.

A cyber-threat is a deliberate attempt to theft, expose, alter, disable, or destroy data, applications, or other assets through unauthorized access to networks, computer systems, or digital devices.

In fact, as reported by the ANTARA website, financial institutions in Indonesia experienced an average of 2,730 attacks per week in the last six months, or 252% more than the global average of 1,083 cyber crimes. Globally, the finance and banking sector ranks 6th in industries that experience the most of it.

Of course, this case is one of the scariest cases at the time and it will be detrimental to the country. Thus, Bank Indonesia also issued several ways to trick and still protect the security of the country’s economy and finances. By reinforcing the system and controlling whatever is in the application.

It is very crucial for the banking industry to be aware and review their cybersecurity system. The more information you know about the cyber threats and risks out there, the better positioned the FSI (financial services sector) companies will be to take action and impose controls on any incoming viruses.

Bank Indonesia’s Steps to Tackle Cyber-Crime

In fact, in early 2022, Bank Indonesia also mentioned that it was hit by a ransomware-type cyber crimes. Which because of this case, the perpetrators of the breach managed to steal some non-critical data of bank workers before they finally started encrypting the system. The hackers even leaked some personal data inside Bank Indonesia.

The way cybercriminals work through ransomware is that they first need to gain access to the target system, encrypt some data or files, and then demand a ransom from the victim.

Then, one way to infiltrate the system to be hacked is through phishing emails. This is one of the most common delivery mechanisms for ransomware. In fact, Indonesia also managed to find that 92% of malicious files in Indonesia were sent via email in the last 30 days in 2022.

So, all it takes for cybercriminals to strike is for one uninformed employee to click on the link in the malicious email, and it can take a company’s entire digital assets hostage.

Malicious Files or Link

Malicious files or links also occur on many occasions, such as on WhatsApp. If you get a file or link that you think is strange, never open, download and click on the link. This is the most common type of cyber crimes. If you click, open or download it then inadvertently, all your personal data will be hacked, as well as your e-wallet applications.

Hence, Bank Indonesia encourages the strengthening of cyber resilience, both from Bank Indonesia and the industry. This is because the smooth flow of the payment system and the security of consumer data are very vital to be maintained. On the other hand, this is evidence to preserve public trust in conducting transactions.

Comprehensive Intelligence

In addition, Bank Indonesia is also conducting comprehensive Intelligence that proactively eliminates threats, provides managed security services to monitor your network, and incident response capabilities to respond and stop cyber crimes quickly, all of which are important to protect users’ personal data.

It is not only BI that is reinforcing systems to resist cyber crimes, the Indonesian Financial Services Authority (OJK) is also following BI’s lead to maintain security in its financial application operations and has called on the financial services industry to upgrade its information technology governance and risk management.

In fact, the OJK also revealed the roadmap for the development of Indonesian banking until 2025, which was established to support the future of digital banking, as well as strengthen legal fundamentals and cybersecurity policies.

There are ways to keep yourself safe when facing cyber crimes such as updating your system. Cyber attacks can not only be blocked, but also prevented, including zero-day attacks and unknown malware. With the right technology, most attacks, even the most sophisticated ones, can be prevented without disrupting normal business flow.

In addition, you can also update threat intelligence that is more proactive in threats, you also need to manage security services to monitor the network, respond to incidents then address attacks quickly.

Do not trust easily with links or files sent by someone. If you are using a cyber crimes prevention application, it is important to consider tools to deliver integrated security across all your assets.

Final Words

That is a brief review of Indonesia’s vulnerability to cyber crimes and the steps taken by Bank Indonesia in handling and improving the country’s economic security that can be a reference and additional information for you. So, what do you think about this case? Has Bank Indonesia taken the right path in dealing with the continuous cyber attacks?

Tech

Blockchain Technology Works More Than Crypto

Published

2 weeks ago

April 11, 2024

LSF

In the modern era where almost everything is digital, you may know or at least hear if blockchain technology is one of the biggest innovations in this era. Thanks to this system, it has changed the way the world trades, communicates, and works in many fields such as finance, logistics, and government.

What is Blockchain?

You probably have heard about blockchain technology, but do you know what it really is? For short, it actually can be defined as a growing list of blocks where each block is linked to the previous block. The block in the system represents a collection of transactions with a timestamp and a hash of the previous block.

In simple terms, blockchain also can be described as a digital transaction storage system. This system will permanently record every transaction you made and save the data in a public database called a ledger or ledger where the ledger represents distributed transactions.

Implementation of Blockchain Technology in Life

As we know, nowadays the development of crypto assets is increasingly popular with the general public. Unfortunately, even though the existence of crypto cannot be separated from a technology called blockchain many people still assume if crypto is blockchain itself.

This is actually not true, in fact blockchain technology underlies the development of many crypto assets such as Bitcoin and NFT (Non Fungible Token). So, apart from being the fundamental for developing digital assets, what are the other benefits of this system and implemented in our life? If you want to know, here are a few examples.

1. Government Transparency

As we explained at the beginning, blockchain technology can be very effective in storing transactions and information traces which will be very useful for government audits since it can be seen by the general public without having to go through a login process first.

This is because this technology also works as a real-time monitoring of e-government services and government contracts. Blockchain technology is fundamental for the development of good and efficient public services where all institutions can easily and transparently share their data.

For your information, blockchain actually allows inter-departmental data storage in a private network, providing authentication on each network so that it can be useful in building trust and confidentiality.

As a database, this system is designed to store your information in a digital format so it can maintain records safely and organized.

Unlike banking systems, the blockchain is different because all the data, information and even funds that you provided will not be known by unauthorized people without your knowledge or permission.

Not only is it effective, the blockchain can also make your life easier and provide a sense of security due to the principle of transparency that we have explained. Not only that, this principle is also very useful for minimizing the embezzlement by certain individuals.

In addition, this is still controversial but many developed countries are considering using this system for voting. In the future, voters will receive an ID which also functions as a verification medium where their vote is registered on the system and counted officially.

2. Healthcare

Do you know if blockchain technology also can be used in healthcare including health insurance, drug supply, biomedical research, medical education, electronic health records, procurement processes, and other patient service needs?.

The database in the blockchain is appended only, where you can only add information but cannot access to correct the data. With this system, it will make hackers who want to attack or steal your data difficult to enter.

During a healthcare worker crisis like today, this system will be of great help. When an organization needs someone for a certain position, they only need to issue a smart contract on the blockchain system. This can help job applicants to see more information on each job position.

3. Finance

In finance, blockchain has become an important tool because it is very useful in simplifying banking processes, reducing risk, credit services, and reducing processing time. Apart from that, this system also makes it possible to track any accounting transactions.

This is because the system is created as a digital ledger which only can be accessed and visited by anyone, anywhere and anytime without having to ask for approval or permission from the banks.

Please take a note if the system does seem profitable at first glance, but you need to remember that no system is perfect. If there are advantages, of course there are disadvantages that need to be considered. Therefore, if you want to use this system, you should also pay attention to the negative impacts of blockchain technology, so that you understand the risks that may occur.

Tech

Augmented Reality vs Virtual Reality, Which is Better?

Published

2 weeks ago

April 11, 2024

LSF

New technology such as Augmented Reality vs Virtual Reality can be really interesting for the younger generation. With these technologies, you as the users can experience virtual worlds that look real and interesting. Even though at first glance they are similar, these two are completely different technologies.

Know the Difference of Augmented Reality vs Virtual Reality

For those of you who aren’t familiar with the latest technology, AR and VR may make you struggle to tell the difference. But, once you understand the meaning of the two, you will know the difference. For information, here are a number of differences between Augmented Reality vs Virtual Reality that you need to know.

1. Experience

In Augmented Reality vs Virtual Reality, Virtual Reality is technology that separates the real and virtual worlds while Augmented Reality “combines” both of the worlds. Because it just separated the worlds, Augmented Reality users only experience 25% virtual and 75% real. Meanwhile, it’s different for Virtual Reality users where you can experience 75% virtual and 25% real worlds.

For the short, Augmented Reality is a real world that adds a little bit of digital elements without actual interaction because Augmented Reality only enhances your virtual experience while Virtual Reality makes you “jump” to the virtual world.

As one of the technology changed the world, Augmented Reality can improve our shopping experience by displaying clothes or furniture real time in your gadget before purchasing. You just need some gadgets such as tablets or mobile phones to use it.

2. Equipment

As we know, Virtual Reality uses fancy equipment that can cost you thousands of dollars to experience the digital world deeper. Meanwhile, Augmented Reality only needs a smartphone camera and sometimes no headset is required. Unfortunately, it still requires bandwidth above 100 Mbps meanwhile Virtual Reality only uses 50 Mbps connection.

Just for your information, this Augmented Reality technology actually has been used on a daily basis since it can be found on social media. That’s why it is much cheaper than Virtual Reality since it doesn’t need much high end technology.

Meanwhile, Virtual Reality will make you disconnected from the real world and completely enter the virtual world through multiple specific devices such as the Pico 4 and Meta Quest 2.

Please take note if Augmented Reality vs Virtual Reality also focuses on simulating your vision so you have to wear an extra headset screen in front of your eyes. Two lenses will be placed between your eyes and you need to adjust it according to eye movements and your position. Why? Because it will eliminate any interaction with the real world.

For the better result, you can use glasses, speakers, and sometimes handheld wearable to fully immersive digital experience. You also can change the visuals on the screen using an HDMI cable that is connected to a computer or smartphone. In this virtual world, you can use visual and tactile stimulation so that the “vision” looks more immersive.

With this technology, you may feel yourself to be in the real world where you also can touch, hear, and interact with the surrounding area. By using some of the tools above, you will enter the digital world even deeper.

3. How Does It Works

To know more about Augmented Reality vs Virtual Reality, the technology may look very advanced but in reality the way Augmented Reality devices work is actually quite simple. It only involves computer vision, mapping, and in-depth tracking by using your camera to collect, transmit and process the data so the content is suitable for the user.

Compared to Virtual Reality, it is more complicated because it is actually a simulation produced by a computer. If you look deeper, it uses the same technology that is used in 3D films and video games graphics because it helps create simulations that resemble the real world.

To make it more “real” and “immerses” you can use computers and sensory devices. This technology will “enhance” the sensation from sight, hearing, to touch. It’s very different from Augmented Reality which is only limited to visuals. Now, you know the differences between Augmented Reality vs Virtual Reality.

Final Words

Apart from the differences between Augmented Reality vs Virtual Reality above, both can be used simultaneously. Generally, the two blend nicely to create a better immersive experience for users in the fictional world.

The way to do this is by providing a new dimension of interaction between the real and virtual worlds using Augmented Reality and Virtual Reality at the same time. So, think carefully before you buy one of these technologies.

Tech

Will GOC Technology Shape Our Future Digital Industry?

Published

2 weeks ago

April 10, 2024

LSF

Most of us may haven’t heard about GOC technology before but do you know if this kind of technology has actually started to become popular? This technology may not be well known by the general public like smartphones, but this one actually quite revolutionary.

In fact, it may be more present in your everyday life without you realizing it. This technology is actually used in many fields such as personalized recommendations on your favorite streaming platforms and advanced voice recognition in your virtual assistants. GOC already integrates into many aspects of our device and shapes our digital experience.

Understanding What is GOC Technology

We do realize that the world of modern day technology is always evolving almost every day with new advances in technology and superior features. But, among all the new technology around us, GOC technology can be called as a revolutionary that completely changes the way we interact with the digital world.

For your information, GOC is actually an abbreviation for Glass Optical Communication. From its name, you can tell if this technology is related to optical fiber communication that is used to transmit data and the internet. Without this, we can’t access anything from our digital world.

But what exactly is so important about GOC, and how does it impact our daily lives? First, the most important thing about this technology is it plays a significant part in transforming our digital economy and industry. Why? Because it helps enhance our data security, simplifying financial operations and enhancing your experience as a customer.

Nowadays, you can find this technology applied in many finance industries especially in Finance Technology aka Fintech. With the integration of the new Artificial Intelligence program, this type of business can be more effective and efficient because it can make decisions from data with superior accuracy.

Just like any digital business, the key for a successful FinTech is innovation which GOC Technology also will take a big part. Now, imagine a fast network that connects between computers where each one is storage for frequently accessed data.

When you request information, GOC will automatically route your request to a nearby server that stores a copy of the data/information you ask. This system may look simple but this process will reduce latency significantly and make sure you receive the information that you need without a long delay.

The Benefit of GOC Technology

The fact that GOC technology offers many benefits that can improve your experience is significantly true. But, what exactly other benefits can you gain from this technology? According to our source, these advantages include:

1. Reduced Latency

If you don’t know, latency is the time lag between the cause and effect of some physical change in an observed system. In short, latency is a delay in network communications. By reducing the latency, the process of sending your data will become faster so you can receive it without lag.

Just like we explain above, GOC technology will reduce the latency significantly by storing the data closer to the user. With this method, your load times will be faster because GOC uses special and unique glass fiber that can optimize its speed and performance.

With this, attenuation or the weakening of the signal that used to happen every time it went through the medium (conventional fiber optic) can be reduced significantly.

2. Improved Scalability

Not only for finance, this technology is actually also beneficial for internet marketer especially if you always work with SEO. GOC technology is able to increase the scaling smoothly, this will allow the system to increase data requests and cycle traffic effectively.

The correlation between GOC and Search Engine Optimization (SEO) is actually quite important. Understanding how GOC impacts on searching algorithms will significantly help with your businesses online visibility.

3. Improved Performance

By reducing the latency, GOC will optimize your network performance, make it smoother to use. The technology also plays an important role in CDNs because it can deliver your content such as websites, images and videos around the world within a short time.

This GOC also gives a positive impact on your user experience since it can be used to create a more user-friendly digital world.

4. Enhanced Reliability

The best benefit from GOC is not only it will increase network but your data still can be accessible even if your servers experience downtime.

Looking ahead, the future of GOC technology seems more promising and even more advanced every day. As technology continues to develop, we hope GOC will play a more important role in shaping the next generation of digital industry and innovation.