Heaptalk, Jakarta — Spentera, a company providing cyber security services in Indonesia, discovered several cybersecurity vulnerabilities that can be exploited as potential developments in banking applications.
Banking applications, including internet and mobile banking, are constantly threatened as the digital world evolves. Spentera has discovered vulnerabilities in the transaction process, including transfers, payments, and withdrawals of money from other users’ accounts. This means that money transfer requests or requests to split bills using another user’s account can be potential openings for cyberattacks. Cyberattacks can also occur when payment and admin fees are reduced from the top-up and billing features and when essential data is modified without supervisor approval.
These crucial findings were presented at a seminar entitled Cyberwolves Con, Latest Threat Intelligence Brief in Indonesia, in South Jakarta (04/25). This seminar, which was attended by key industry players, raised a significant theme regarding strategies for strengthening cyber security that the banking industry, as the most vulnerable to threats, can implement.
Banking has the most mature cybersecurity
According to Spentera Cyber Intelligence Director Royke Tobing, the financial sector, including banking, has the most mature cybersecurity infrastructure in the country. “In European countries, the United States, and Latin America, it is more than that. Not only the financial sector is aware, but transportation, too,” Royke said at the media briefing in South Jakarta (04/26).
However, hackers can always find new loopholes to infiltrate the system with threats that continue to develop as the system continues to be refined. The company offers services to test the security of a system before it is released to the public. Royke added, “We get paid to hack our clients. OJK regulations state that every bank must be tested for security through penetration. Our work starts from hacking satellites, internet banking, ATMs, etc. Our clients are widespread, not only banking.”
On the occasion, Spentera’s Director of External Operations Marie Muhammad revealed that 80-90% of the clients served by Spentera come from the banking sector. “We operate in the service sector to conduct tests on the public’s applications, especially in the financial sector. Before a mobile banking application or any financial form is released on Playstore or Appstore, it must be tested by a third party. One of the third parties in Indonesia is us,” explained Marie.
During its 12 years of existence, Spentera has become the trust of companies and institutions from various sectors in Indonesia, including the financial, banking, oil & gas, telecommunications, automotive, and government sectors.
