REPUBLIKA.CO.ID, NUSA DUA -- The Growth and Emerging Markets Committee of the International Organization of Security Commissions (IOSCO GEM-C) discussed anticipatory measures that can be adopted against cyber crime in the capital market industry during a conference on Thursday.

"During the IOSCO GEM-C conference, a simulation to anticipate cyber crime in the capital market was held, which was the first so far," the Executive Head of Capital Market Supervision at the Financial Services Authority (OJK), Nurhaida, said.

She said 39 members of IOSCO GEM-C attended the conference and expressed appreciation for the agenda as hackers' attack may happen at any time.

"The essence is that if a cyber attack occurs and develops across the globe, action should immediately be taken and so it would not worry investors," she said.

She said internet-based crimes may happen in the capital market industry because of the existing system in the financial sector.

"An attack on the trading system in the stock exchange or on the asset of a client, could affect other institutions or other clients' assets in the securities funds accounts. So, anticipation has been the focus of attention in the conference," she said.

Nurhaida further said, "A system needs to anticipate, and prevent the crime."

IOSCO Secretary General, David Wright, said internet-based crimes had become a serious problem in line with technological development.

In view of that it is important for capital market supervisors as regulators to study the kinds of cyber crime that may take place in capital markets in their respective countries, he said.

"I remember a company as big as Sony was once attacked and its system was destroyed. So, a system is certainly needed to prevent such an incident," Wright said.

IOSCO is a forum of capital market supervisors in the world and now more than 170 institutions, including government agencies, self-regulatory organizations and other institutions are its members.

GEM-C, meanwhile, is the biggest committee in IOSCO, with 75 percent of its members being IOSCO?s common members.

GEM-C is charged with developing and increasing efficiency of the capital market by setting minimum standards and formulating principles that members must meet.

Ikuti Whatsapp Channel Republika