Institute for Research on Economics and Society – Faculty of Economics and Business – University of Indonesia

Special Report Vol.1 No.1, May 2023 : Banking Cybersecurity Issues and the Potential for Bank Runs

Bank Syariah Indonesia (BSI) is suspected of being hit by a cyber attack from Monday (8 May 2023) to Thursday (11 May 2023) and resulting in prolonged service disruptions. 1 Inability to access savings and banking services by customers, leakage of personal data, and loss of savings are some of the losses that arise as a result of service disruptions. 23 This situation has implications for a crisis of confidence in banks. Responding to this series of incidents, BSI is trying to strengthen its security system. In an official statement, BSI said that it would increase the capital expenditure budget to strengthen IT and digital systems to reach IDR 580 billion, twice as much as last year's budget.

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