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All Journal Journal of Central Banking Law and Institutions Journal of Law and Legal Reform
Abu Bakar Munir, Abu Bakar
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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MANAGING INDONESIAN DATA BREACH NOTIFICATION IN THE FINANCIAL SERVICES SECTOR: A CASE FOR ONE-STOP NOTIFICATION MODEL Algamar, Muhammad Deckri; Munir, Abu Bakar; Hendro
Journal of Central Banking Law and Institutions Vol. 3 No. 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v3i3.271

Abstract

As a business of trust, the banking and financial services industry must protect its reputation to ensure consumer’s confidence. However, recent adoption of emerging internet communication technologies (ICT) have introduced new risks and challenges, such as safeguarding systems from cyberattacks and protecting consumer’s personal data. Cyberattacks, especially ransomware have shed new light on the importance of privacy and security throughout the banking and financial industry’s digitization efforts. Any organisation affected by cybersecurity attacks must face a twofold legal question. First, whether or not there has been a violation of the legal security requirements? Second, is to determine whether the attack triggers Data Breach Notification to the Data Protection Authority and/or Data Owners. This paper examines the complexity of maintaining security obligations under Indonesian Law (UU ITE, UU PDP, RPP PDP, and other relevant regulations) while also highlighting the common challenges in steering Data Breach Notification, with an enhanced perspective of the European General Data Protection Regulation (EU GDPR) practices. To address the challenges of patchwork data breach notification requirements in Indonesia, this paper proposes a proactive approach by Indonesia’s future Personal Data Protection Authority in creating a one-stop notification model to enable effective data breach incident management and notification.
Transforming Credit Guarantees in Indonesia: Legal Reform and Digital Innovation at Askrindo Maulida, Aldehita Purnasanti; Angkasa, Angkasa; Suhadi, Suhadi; Munir, Abu Bakar
Journal of Law and Legal Reform Vol. 7 No. 1 (2026): January, 2026
Publisher : Faculty of Law, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jllr.v7i1.38585

Abstract

Credit guarantee institutions play a pivotal role in expanding financial inclusion, particularly for Micro, Small, and Medium Enterprises (MSMEs), which contribute over 60% to Indonesia’s GDP and employ approximately 97% of the national workforce (Kemenkop UKM, 2024). PT Asuransi Kredit Indonesia (Askrindo), a state-owned enterprise under the Indonesia Financial Group (IFG), serves as a key factor in mitigating credit risk and facilitating access to financing through its guarantee schemes. This study critically examines the legal reform of credit guarantee mechanisms in Indonesia by analyzing the regulatory framework governing Askrindo and its ongoing digital transformation. The research highlights regulatory fragmentation across the Insurance Law (Law No. 40/2014), OJK regulations, and Ministry of Finance policies, which often results in operational inefficiencies and legal ambiguities in claim settlement and risk management. Concurrently, Askrindo’s digital initiatives—such as the implementation of e-guarantee platforms, AI-based credit scoring, and integration with national MSME databases—have significantly improved service delivery and data transparency. Empirical data from Askrindo’s annual reports (2020–2024) indicate an 18.7% increase in guaranteed credit volume following digital adoption, with a notable reduction in manual processing time by 42%. However, unresolved legal disputes related to 12.3% of defaulted claims underscore the urgency of harmonizing digital innovation with legal accountability. Interviews with regulators and Askrindo executives further reveal gaps in consumer protection, audit mechanisms, and legal clarity surrounding digital guarantees. Using a law and economics approach, this article argues that Indonesia’s credit guarantee system requires a comprehensive legal reform that aligns regulatory oversight with digital innovation. Important suggestions include creating a single set of laws for digital guarantees, requiring clear information sharing, and adding real-time audit trails to improve accountability and protect MSME beneficiaries.
Co-Authors Algamar, Muhammad Deckri Angkasa Angkasa Hendro Maulida, Aldehita Purnasanti Suhadi Suhadi