Are Indonesia’s Payment Systems Ready for the Next Wave of Cyber Threats in 2025?

Cybersecurity has become one of the most critical issues in today’s digital world. In 2024, we witnessed a number of significant cyber threats, ranging from ransomware to artificial intelligence (AI)–based attacks. Entering 2025, experts predict increasingly complex threat trends, underscoring the need for proactive mitigation measures [1].

Focusing on payment systems in Indonesia, the newly issued Regulation of the Members of the Board of Governors (PADG) Number 24 of 2024 from Bank Indonesia serves as an important reference in this context. This regulation provides a framework for payment system operators, money market participants, and other parties regulated by Bank Indonesia to enhance their information system security and cyber resilience. By integrating this regulation, organizations can be better prepared to face continuously evolving cyber threats.

Cyber Threat Landscape Review 2024

The year 2024 recorded a drastic increase in the scale and complexity of cyberattacks. Below are some of the main types of threats encountered:

Ransomware

Significant attacks occurred in the healthcare and government sectors, where attackers successfully exploited vulnerable systems [2]. PADG Regulation Number 24 of 2024 Article 10 and Article 41 emphasize the importance of cyber risk management and incident response plans to reduce the impact of ransomware attacks [3].

Phishing

Phishing campaigns continue to evolve by leveraging AI to generate emails that are increasingly difficult to distinguish from legitimate communications [4]. Article 13 of the PADG highlights the importance of cybersecurity training and awareness for internal and external parties to address threats such as phishing [3]. In several scenario-based testing projects, we conducted social engineering simulations using a spear-phishing approach. The scenarios for each test were fully tailored to the context of each target. The results showed that most participants remain vulnerable to such attacks, even to the point of unintentionally sharing critical credential information, from staff level up to the Board of Directors.

AI-Based Attacks

AI is used by attackers to automate the creation of sophisticated malware and zero-day attacks. Deepfakes have also become a new tool in social engineering attacks, with many cases targeting financial institutions [5]. Security Operation Center (SOC) mechanisms can serve as one of the tools used in handling cybersecurity in accordance with the early detection concept outlined in Article 25 of the PADG [3].

Cyber Threat Statistics 2024 [2]

Cybersecurity Trends 2025

Entering 2025, several new threats are expected to dominate the cybersecurity landscape:

Attacks on Digital Payment Infrastructure

Digital payment infrastructure such as credit card networks, money transfer systems, and e-wallet services has become a primary target for attackers. Ransomware attacks are expected to increase, with attackers holding data or systems hostage to demand ransom. Ransomware is also increasingly using double extortion strategies, where data is stolen before being encrypted and then used to extort victims. Palo Alto Networks also reports that the financial sector will remain a primary target of ransomware attacks globally in 2025 [5].

Exploitation of Vulnerabilities in IoT and Connected Systems

Internet of Things (IoT) devices used in payment transactions, such as POS terminals or NFC devices, carry high risk due to varying security standards [6]. According to a Splunk report, billions of new devices will be connected by 2025, opening greater opportunities for threat actors to exploit vulnerabilities in these devices [7]. By attacking these devices, attackers can steal transaction data or directly disrupt payment processes.

Increase in Phishing and Social Engineering Attacks

Phishing attacks targeting payment services are becoming increasingly sophisticated, leveraging AI to create emails or messages that are difficult to distinguish from legitimate communications. Splunk predicts that social engineering–based attacks, such as phishing targeting payment system employees, will be among the greatest threats in 2025 [7]. Cyber attackers often exploit human weaknesses as an entry point into more complex systems.

Quantum Computing Threats

Quantum computing introduces new threats with the capability to break modern encryption in a short period of time. Strategies such as “harvest now, decrypt later” are becoming a major concern, where attackers steal data now and wait until quantum technology is capable of decrypting it. According to Palo Alto Networks, this approach will target sensitive data in the financial sector, including digital payment systems [5].

Dependency on Vendors and Supply Chains

Payment systems often involve many vendors and partners, which can become security weak points. If one vendor experiences a breach, the effects can spread throughout the entire supply chain. Splunk notes that low transparency in digital supply chains often leads to major issues, including supply chain attacks that are expected to increase in 2025 [7].

Mitigation Measures

To address these threats, organizations must strengthen their security strategies. Several recommended steps include addressing attacks on digital payment infrastructure through:

Implementing Robust Backup and Recovery

Ensure systems have encrypted data backups performed regularly, enabling rapid data recovery in the event of a ransomware attack.

Using Endpoint Detection and Response (EDR)

Implement endpoint-based security solutions that can detect and respond to suspicious activities on devices connected to payment systems.

Regular Penetration Testing

Conduct security testing (penetration testing/Pentest) on payment applications and infrastructure to identify vulnerabilities before they are exploited by external parties. Pentesting should ideally not be limited to specific applications or features, but at minimum cover all publicly accessible applications and infrastructure.

In addition, securing all IoT and connected systems should be carried out through:

• Strengthening IoT Security: Ensure IoT devices such as POS terminals use the latest firmware with up-to-date security features. Implement network segregation for IoT devices to prevent direct access to core systems.

• IoT Traffic Monitoring: Use monitoring tools that can analyze data traffic on IoT devices and detect unusual patterns, such as activity spikes or suspicious connections [6].

Furthermore, steps must be taken to reduce the risks of phishing and social engineering attacks through:

• Regular Employee Education: Conduct routine training for employees on how to recognize and avoid phishing attacks, such as fake emails or suspicious messages.

• Multi-Factor Authentication (MFA): Implement two-factor or multi-factor authentication for all access to payment systems to reduce the risk of unauthorized access even if credentials are compromised.

• AI-Based Detection: Use AI to analyze suspicious incoming communications and filter phishing threats before they reach users [4].

Organizations also need to take steps to prepare for quantum-resistant systems, including:

• Evaluating Encryption Algorithms: Begin transitioning toward post-quantum encryption protocols designed to withstand threats from quantum computing technology.

• Assessing Sensitive Data: Identify highly sensitive payment data and implement additional security layers for such data, such as data segmentation based on sensitivity.

Finally, organizations must implement security measures to minimize risks arising from vendors and supply chains, namely:

• Conducting Regular Vendor Audits: Audit vendors and technology partners to ensure they comply with the same security standards as your organization.

• Contracts with Adaptive Service-Level Agreements (SLAs): Use SLAs that include security response requirements, including penalties if vendors fail to meet agreed security standards.

• Supply Chain Monitoring: Implement tools that can track and monitor security across the digital supply chain in real time.

Building Resilience Against Increasingly Complex Cyber Threats

Facing increasingly complex cybersecurity threats in 2025, particularly in the context of payment systems, requires a proactive and comprehensive approach. Amid rising threats such as ransomware, phishing, IoT exploitation, and quantum technology risks, payment system operators must strengthen their infrastructure through the implementation of frameworks such as those outlined in PADG Number 24 of 2024. Mitigation measures, including robust backups, quantum-resistant encryption, AI-based detection, and employee education, must be implemented holistically. Through this approach, payment systems can not only withstand existing threats but also build public trust in the security and resilience of their services.

Referensi

[1]  CyberArk, “Threat LAndscape Report 2024,” 2025.

[2]  C. Ventures, “2024 Cybersecurity Trends Report,” New York, 2024.

[3]  B. Indonesia, “Peraturan Anggota Dewan Gubernur Nomor 24 Tahun 2024,” Bank Indonesia, Jakarta, 2024.

[4]  P. Institute, “Global Phishing Survey,” Michigan, 2024.

[5]  P. A. Networks, “Cybersecurity Predictions 2025,” 2025.

[6]  I. D. Corporation, “IoT Growth and Security Challenges,” 2024.

[7]  Splunk, “Splunk Predictions 2025: How Leaders Will Drive Digital Resilience Forward,” 2025.

This article was published in our quarterly newsletter Valoka Vol.4 2025.