Effectiveness of Personal Data Protection Regulation in Indonesia's Fintech Sector

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Published: 2023-01-02
Keywords:
Fintech, Personal data protection, Regulation, Data leakage, OJK, Cyber security, Legal liability

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Abd. Aziz
Sunan Giri University of Surabaya, Indonesia
Didit Darmawan
Sunan Giri University of Surabaya, Indonesia
Rafadi Khan Khayru
Sunan Giri University of Surabaya, Indonesia
Agung Satryo Wibowo
Sunan Giri University of Surabaya, Indonesia
Mujito
Sunan Giri University of Surabaya, Indonesia

Abstract

Regulation in the fintech sector in Indonesia aims to protect consumers' personal data and prevent leaks through a clear legal framework, including the Personal Data Protection Law and Financial Services Authority (OJK) regulations. While these regulations establish responsibilities and sanctions for violations, challenges in enforcement and industry compliance remain, impacting the effectiveness of data protection. The introduction of guidelines by the Indonesian Fintech Association has raised awareness, but many companies, especially smaller ones, still face difficulties in implementation. Gaps in understanding and resources can result in inadequate security practices, increasing the risk of data leakage. Evolving cyber threats require continuous regulatory updates. While regulations provide the basic structure for data protection, their effectiveness relies heavily on strong enforcement, industry compliance, and the ability to adapt to new challenges. This research highlights the importance of collaboration between the government, fintech providers, and the public to create a safe and secure ecosystem for digital financial services.

Article Details

Issue

Vol. 3 No. 1 (2023): Journal of Social Science Studies (JOS3)

Section

Articles

How to Cite

Aziz, A., Darmawan, D., Khayru, R. K. ., Wibowo, A. S., & Mujito. (2023). Effectiveness of Personal Data Protection Regulation in Indonesia’s Fintech Sector. Journal of Social Science Studies, 3(1), 23-28. https://jos3journals.id/index.php/jos3/article/view/206

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