CLIK Bags Gold Award for Notable Enterprise in Regulatory Compliance: Committed to Focus on Safety and Data Protection

The surge in data breaches and cyber threats, which have doubled since the pandemic, has become a major concern across countries, particularly in the financial industry. With vast amounts of sensitive information they manage, such as credit card details, bank accounts, transaction history, and other personal information, financial institutions have often become prime targets for malicious attackers exploiting weaknesses.

These Incidents can lead to severe funding issues and even threaten their operational viability. The financial impact of such breaches has increased dramatically, more than quadrupling since 2017 to reach $2.5 billion. Moreover, indirect losses, such as reputational damage, are substantially higher.

This incident has raised public concern regarding how financial institutions handle sensitive information. Both clients and the general public are increasingly worried about data security within these institutions.

As a result, strong data protection measures are crucial for institutions handling personal information, such as private credit bureaus. Ensuring data security and building trust with customers and the public involves prioritizing compliance, having robust security, and maintaining trustworthy operations.

PT CRIF Lembaga Informasi Keuangan (CLIK), an Indonesian private credit bureau, recently received the Gold award for Notable Enterprise in Regulatory Compliance at the 2024 Indonesia Regulatory Compliance Awards (IRCA). CLIK emphasized that staying updated with the dynamic change in risk and data safety needs to be a top priority for every player in the financial industry.

Building Client Trust Through Regulatory Compliance

According to President Director CLIK Leonardo Lapalorcia, regulatory compliance has been a core value since the company’s establishment. This dedication is reflected in the company’s commitment to building trust in all operations. CLIK views obedience to regulations as fundamental to maintaining stakeholder trust. To ensure this, the company has implemented a range of measures, including:

• Leadership Involvement and Adequate Resource Allocation
  CLIK demonstrates a strong commitment to regulatory compliance through active leadership involvement and allocation of resources such as headcount and tools to enhance the compliance program. The top management communicates the importance of compliance and ethical behavior to all employees, emphasizing the shared responsibility in upholding regulatory requirements across all levels of the company.

• Adherence to Industry Regulations and Continuous Improvement
  CLIK ensures that all operations comply with industry regulations governing data protection and financial information to guarantee the confidentiality and security of client data. Prioritizing continuous improvement, CLIK regularly assesses and updates its compliance practices, systematically monitoring regulatory changes to maintain adherence and implement best practices in an ever-changing regulatory environment.

• Investment in Cybersecurity Measures
  CLIK has invested in various security mechanisms to protect sensitive data. This includes using advanced data protection tools, endpoint protection, data encryption, strict privacy policies, and education on cybersecurity best practices.

Read also: CLIK’s Way to Protect Client’s Data from Cyber Attack 

• Regular Security Audits
  Security audits are a core component of CLIK’s cybersecurity strategy. These audits are conducted systematically and periodically to evaluate the efficiency of existing security measures and identify areas for improvement.

• Proactive Approach to Compliance and Engagement with Stakeholders
  CLIK takes a proactive approach to compliance by engaging with regulatory authorities, associations, industries, and other stakeholders to provide input on proposed regulations, sharing best practices, and contributing to developing industry standards.

Maintaining trust can be challenging, especially when data safety is at stake. Therefore, Financial Institutions, such as Banks, must carefully curate their business partners who demonstrate a strong commitment to data safety and regulatory compliance with regulatory policies.