Day: January 12, 2022

Financial institutions are the main targets of cyberattacks, research director at the department of banking research and regulation of the Financial Services Authority (OJK), Mohamad Miftah, has said.

Based on data collected in 2021, 23 percent of cyberattacks recorded during the year targeted the financial sector, he informed.

“The financial industry, in this case, banking, is the first target of cyberattacks, as they (the attackers) are looking for profits in the form of money,” he remarked at a webinar on digital security, accessed online from here on Wednesday.

Global losses due to cyberattacks have been estimated at US$100 billion annually, he said.

As of September 2021, 927 million anomalous traffic or cyberattacks have been reported in Indonesia, he noted. The number is almost double compared to 2020, when it was pegged at 495.3 million, he added.

“Because of technology and banking development, cyberattacks have also increased. We are aware that digital education or literacy needs to be bolstered,” he explained.

According to Miftah, both financial industry players and customers must anticipate cyberattacks together.

If the banking sector is expected to build a more secure digital system, then customers must not share personal data and OTP (one-time password) codes on social media and create different passwords for each digital platform, he said.

“The industry must strengthen digital systems and users must be made aware of the risks of using digital transactions,” he stressed.

Source: Antara News

Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, reviewed construction work on a tunnel for the Jakarta-Bandung high-speed railway in Bunder village, Jatiluhur, Purwakarta District, West Java, on Wednesday.

“Soft soil conditions such as silt and clay were found around the location of Tunnel 2, but it can be handled well,” he said.

Before reviewing the tunnel, he was briefed by the developer of the national strategic project.

Based on the expert’s explanation, the problem of the soft soil condition can be resolved, Pandjaitan said. The construction of Tunnel 2 is targeted to be completed in April 2022, he noted.

Purwakarta district head and officers from the Purwakarta administration accompanied the minister during the inspection.

Earlier, President Joko Widodo had said he expected the Jakarta-Bandung fast train to later be integrated with the Light Rapid Transit (LRT) and Mass Rapid Transit (MRT) in Jakarta to create time-efficiency and acceleration.

He also expressed the hope that the Jakarta-Bandung fast train would demonstrate Indonesia’s competitiveness with other countries.

Meanwhile, Secretary General of the Indonesia Transportation Society Harya Setyaka Dillon highlighted the importance of the Jakarta-Bandung high-speed railway as a crucial part of Indonesia’s public transportation development that can serve as an alternative to toll roads, thereby reducing traffic congestion.

The economic advantages of the high-speed railway might not be felt in the initial five years of the railway’s operations, as its benefits would be enjoyed in the long-term, at least 10–30 years after the railway becomes operational, according to Dillon.

“It is not different than toll roads, airports, and ports that begin to be profitable 15 years after becoming operational,” Dillon noted.

High-speed railway operator PT Kereta Cepat Indonesia-China (KCIC) also confirmed that the construction work on the railway system is 79-percent complete and efforts will be made to complete and operationalize it by the end of 2022.

The company said it is striving to expedite the construction of the system’s 237 points despite the COVID-19 pandemic significantly hindering progress, with priority placed on completing three of the total 13 tunnels on the railway’s route.

Source: Antara News

Investment realization in the energy and mineral resources sector increased 107 percent to US$28.2 billion in 2021 from US$26.3 billion in 2020, according to the Ministry of Energy and Mineral Resources (ESDM).

“In 2021, realized investment in the energy and mineral resources sector reached US$28.2 billion, or up 107 percent compared to 2020,” ESDM Minister Arifin Tasrif said at a press conference on the ministry’s 2021 performance and the 2022 work plan in Jakarta on Wednesday.

The government took several strategic steps to achieve this number, including providing incentives, helping with land disputes, and simplifying the licensing process, Tasrif informed.

The Ministry of Energy and Mineral Resources also encouraged the use of electricity consumption for mineral processing and refining industries or smelters, he added.

The government encouraged smelters not to install their own power plants, but to utilize various electrical resources available at business locations, he said.

“We also did this in special economic areas, industrial areas, and (for) other big customers,” Tasrif added.

In 2020, the realization of investment in the energy and mineral resources sector amounted to US$26.3 billion, with the oil and gas sub-sector accounting for US$13.1 billion, electricity US$7.6 billion, mineral and coal US$4.2 billion, and new renewable energy (EBT) US$1.4 billion of the investment, the minister informed.

Last year’s investment realization was US$28.2 billion, contributed by oil and gas (US$15.9 billion), electricity (US$6.8 billion), mineral and coal (US$4.1 billion), and new renewable energy (US$1.4 billion), Tasrif said.

Meanwhile, for 2022, the Ministry of Energy and Mineral Resources is targeting an investment of US$32.6 billion, with the target for oil and gas pegged at US$17 billion, electricity US$7.6 billion, mineral and coal US$5 billion, and renewable energy US$3 billion, he added.

Non-tax state revenue (PNPB) realization from the energy and mineral resources sector reached Rp189.2 trillion in 2021, he informed earlier.

“The realization recorded 156 percent of the initial target of Rp121.2 trillion,” he remarked.

Compared to PNPB realization in 2020, which reached Rp109 trillion, the revenue in 2021 showed an increase of around 73.6 percent, the minister noted.

The ministry has continued to push PNBP up through a number of attempts, including oil and gas lifting as well as supervision of mineral, coal, and geothermal production, he said.

In 2021, the oil and gas sub-sector had the largest PNBP contribution of Rp103.2 billion, followed by the mineral and coal sub-sector (Rp75.5 billion), he informed.

Source: Antara News

Micro, small, and medium enterprises (MSMEs) have begun to recover from the economic crisis caused by the COVID-19 pandemic in 2020, a minister said.

Minister of Cooperatives and Small and Medium Enterprises, Teten Masduki, posted the statement on the @Antaranews Instagram account here on Wednesday.

“I think what drives the national economy now is the MSMEs. The indicator is bank loans have progressed in MSMEs. This is an indication that MSMEs have started to be reborn,” Masduki explained.

A total of Rp285 trillion has been distributed as smallholder business credit (KUR), he said.

Based on the latest survey, the revenue of MSMEs who sold their products offline has decreased to 30 percent, he revealed.

Hence, the government has been trying to build a foundation and ecosystem for MSMEs during the two years of the pandemic, he added.

In 2022, MSMEs are expected to take advantage of the ecosystem that has been provided by the government to develop their business, the minister said.

“We are optimistic that the improved foundation is for the development of MSMEs and cooperatives. We have strengthened the Job Creation Law, financing access, path to business development, market access, and licensing easing,” he pointed out.

The minister also highlighted that Indonesian MSMEs have been quite resilient in facing the pandemic because they can adapt during crisis and pandemic situations, such as by switching to digital platforms to continue to survive.

There was not a single MSME in Indonesia which intended to close business even though they were hit by the economic crisis, according to the minister.

“This resilience of MSMEs is extraordinary. They have the ability to adapt and adjust to the market,” Masduki stated.

Meanwhile, the government has also continued to facilitate funding access for MSMEs by setting low interest rates and increasing budgets for smallholder business credits, he added.

Source: Antara News