1. FINTECH IN CYBER RISK

2. 259.1 Million 88.1 Million 79.0 Million 326.3 Million 66.0 Million
Indonesia Digital Snapshot
Total
Population
Internet
Users
Active Social
Media Users
Unique
Mobile Users
Active Mobile
Social users
259.1
Million
88.1
Million
79.0
Million
326.3
Million
66.0
Million
Sources: we are social

3. Indonesia Population Structure
10-14yo
15-19yo
20-24yo
25-29yo
30-34yo
35-39yo
40-44yo
45-49yo
50-54yo
55-59yo
Digital Native – 60%
Younger generation born and live in the internet era. They intend to be trend leaders
Digital Adopters – 40%
Older generation knew about internet when they were an adult. Often feel the need to adapt with new trend.
Sources: worldbank, CIA world factbook

4. Fintech Uprising in Indonesia
Financial technology (FinTech or fintech) is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. - wikipedia
FINANCIAL MANAGEMENT
PAYMENT
INSURANCE
LENDING
CROWDFUNDING

5. Advantages Of Fintech In Insurance
Create
Innovative
Products
New
Sales channel
Reduce Costs
Improve
Efficiency
OPPORTUNITIES
RISKS
Better understanding regarding the customer behaviour
Benefit from more real time data from 3rd parties that help us in developing tailored products, sales, underwriting and pricing
Increase quality of life through devices
Confidentiality attacks
Integrity attacks
Availability attacks

6. Enhanced Insurance Value Chain
Fintech Application in Insurance
Enhanced Insurance Value Chain
Discover
Explore
Select
Product
Apply
Approve & Underwrite
Service & Engagement
Claims
Influencers on buying decision
Un-traditional providers and distributors that own the customer
Comparison platforms and aggregators
Online vs person
Robo advisors vs agents
New emerging products
Customer led approach using big data
Automated, online & mobile.
Personalization using 3rd party data
Automated & real time using 3rd party data
Interactive and predictive customer service & support
Automation of process
Sources: adapted from KPMG 2016

7. Confidentiality Attacks
Risks Of Fintech In Insurance
Confidentiality Attacks
Integrity
Attacks
Availability
Attacks
Preserving the secrecy of data to prevent its unauthorised disclosure
Guarding against improper modification or destruction of information
Making sure that systems are available promptly when needed

8. Confidentiality Attacks
Mitigation the Risk
Adopt security best practice (ISO 27001, etc)
Implement IT security awareness to all stakeholders
Develop and implement security & risk management
Confidentiality Attacks
Implement security tools focused on data security
Data leakage prevention
Integrity
Attacks
Availability
Attacks
Set up governance process related with IT delivery
Employee education regarding how to avoid malicious attacks

9. Summary Embrace the digital world Manage the risk
Risk management is everyone’s responsibility

10. “Digital is not about technology, it is about making customers’ lives easier. How do you make the process as frictionless as possible?”
- Expert -