OJK's New Data Protection Framework
The Financial Services Authority (OJK) has issued comprehensive guidelines requiring financial institutions to implement enhanced data protection measures. The new framework aligns with Indonesia's Personal Data Protection Law (UU PDP) while adding sector-specific requirements.
Three Pillars of Compliance
- Data Governance: Appointment of a Data Protection Officer, mandatory data mapping, and regular privacy impact assessments
- Technical Controls: Encryption standards, access management protocols, and breach notification procedures
- Third-Party Management: Enhanced due diligence for vendors processing customer financial data
Financial institutions have until June 2025 to achieve full compliance. Early movers will gain competitive advantage in customer trust.
Implementation Roadmap
We recommend a phased approach: assessment (1-2 months), remediation (3-6 months), and ongoing monitoring. Our team has developed a compliance toolkit specifically for mid-sized Indonesian financial institutions.