CUSTOMER DATA LEAKS AND CYBER ATTACKS IN BANKING INDUSTRY: A PHENOMENOLOGICAL RESEARCH

Abstract

There was a phenomenon of customer data leaks and cyberattacks on the banking sector in Indonesia some time ago. These phenomenon able to be concern for academics and practitioners in the banking industry to study. Appropriate Enterprise Risk Management in Banking in this study is a way of investigating these two phenomena. The main objective of this study is to examine the role of Enterprise Risk Management in the phenomenon of customer data leakage and cyber attacks in the banking industry using a phenomenological research approach. The phenomenological research method is a method in research to study how individuals subjectively experience and make sense of a phenomenon. The stages in identifying and analyzing the phenomenon of customer data leakage and cyber attacks in the banking industry had carried out at the beginning of the study. Then, giving meaning through the Enterprise Risk Management (ERM) framework analysis method. Finally the two risks of this phenomenon were described. The results of this study describe the risk phenomena that occur in banking related to customer data leaks and cyber-attacks through the Enterprise Risk Management framework approach. Proper Enterprise Risk Management will minimize the risk of customer data leaks and cyberattacks. This study is expected to contribute to making brief policy recommendations on risk management related to customer data leaks and cyber attacks for the Financial Services Authority in Indonesia, as the financial and banking regulator.