Readiness of regulation and cybercrime mitigation in syirkah-based securities crowdfunding for MSMEs acceleration
DOI:
https://doi.org/10.61511/jembar.v3i2.2026.2295Keywords:
cybercrime mitigation, regulatory readiness, syirkah-based securities crowdfundingAbstract
Background: This study addresses the urgent need for a robust legal and technical framework to support the acceleration of Micro, Small, and Medium Enterprises (MSMEs) through syirkah-based Securities Crowdfunding (SCF) in Indonesia. The modern economy's increasing reliance on information technology has created a new landscape for financial services, but this digitalization also introduces significant cyber risks that threaten the integrity and security of both investors and MSMEs. We analyzed common cyber threats such as phishing, ransomware, and social engineering to identify key vulnerabilities within the SCF ecosystem. Methods: This article employs a comprehensive literature review to analyze the theoretical components of legal readiness and cybersecurity mitigation. The research procedure involved a systematic evaluation of various legal documents, academic literature, and official reports from government and cybersecurity agencies. Findings: The findings indicate that while Indonesia has established a foundational legal umbrella for Sharia SCF, the current regulatory framework remains general and normative, lacking detailed provisions on crucial technical aspects like dispute resolution mechanisms and optimal investor protection. Furthermore, cyber threats pose a significant risk, as evidenced by a substantial number of cyber traffic anomalies in Indonesia's cyberspace. These threats are not merely technical but also ethical, directly conflicting with the Islamic principles of amanah (trust) and justice. Conclusion: This study concludes that a significant gap exists between the general legal framework and the detailed technical requirements needed to ensure security and trust in the digital era. Novelty/Originality of this article: The novelty of this research lies in its integrated approach, which combines an analysis of the legal and regulatory gaps with a comprehensive review of cybercrime threats, and frames both issues within the ethical principles of Islamic law. It also highlights the lack of research on cyber threats targeting the Linux operating system, particularly within the Indonesian fintech sector.
References
Abawajy, J. (2012). User preference of cyber security awareness delivery methods. Behaviour & Information Technology, 33, 237–248. https://doi.org/10.1080/0144929X.2012.708787
Adewopo, V. A., Azumah, S. W., Yakubu, M. A., Gyamfi, E. K., Ozer, M., & Elsayed, N. (2025). Comprehensive analytical review of cybercrime and cyber policy in West Africa. Journal of Electrical Systems and Information Technology, 12(1). https://doi.org/10.1186/s43067-025-00216-x
Afifah, K., Abu-Hussin, M. F., & Zafar, M. B. (2025). Transforming Islamic social finance: determinants of blockchain technology adoption for zakat payment. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-08-2024-0283
Akhmadi, S., & Kholish, A. (2016). Prinsip-prinsip fundamental ekonomi Islam. El-Jizya: Jurnal Ekonomi Islam, 4(1), 97-118. https://ejournal.uinsaizu.ac.id/index.php/eljizya/article/view/976/787
Aldasoro, I., Gambacorta, L., Giudici, P., & Leach, T. (2022). The drivers of cyber risk. Journal of Financial Stability, 60, 100989. https://doi.org/10.1016/J.JFS.2022.100989
Ali, M. N., Qualbi, M., & Sajjad, M.. (2023). Cybersecurity Risks and Mitigation Strategies in Fintech. International Journal of Research Publication and Reviews,4(4), 1395-1398. https://ijrpr.com/uploads/V4ISSUE4/IJRPR11519.pdf
Azzahra, N., Hotmian, H., Silalahi, B., Naibaho, H. S., Silaban, H. B., Sitio, F. M., & Lahagu, H. (2024). Analisis Koperasi Syariah Di Indonesia. Jurnal Ilmiah Wahana Pendidikan, 10(11), 487–491. https://doi.org/10.5281/zenodo.12754894
Bahtiar, B., Lubis, E., & Harahap, H. (2021). Pengaturan Kaidah Manajemen Risiko Atas Penawaran Saham Berbasis Teknologi Informasi (Equity Crowfunding) untuk Pengembangan UMKM di Indonesia. Jurnal Hukum Jurisdictie, 3(2), 65-98. https://doi.org/10.34005/jhj.v3i2.49
Bakshi, R., Lingwal, S., Bhatt, K. C., Thapliyal, S., Wazid, M., & Singh, D. P. (2025). A Robust Machine Learning-Based Mechanism for Detection and Analysis of Malware Attacks. Procedia Computer Science, 259, 193–201. https://doi.org/10.1016/J.PROCS.2025.03.320
Billah, Z. I. T. (2021). Peran dan kendala fintech syariah pada UMKM. Ar-Ribhu: Jurnal Manajemen dan Keuangan Syariah, 2(2), 256-266. https://doi.org/10.55210/arribhu.v2i2.671
BSSN. (2020). Laporan Hasil Monitoring Keamanan Siber Tahun 2020. Badan Siber dan Sandi Indonesia.
BSSN. (2021). Laporan Hasil Monitoring Keamanan Siber Tahun 2021. Badan Siber dan Sandi Indonesia.
BSSN. (2022). Lanskap Keamanan Siber Indonesia 2022. Badan Siber dan Sandi Indonesia.
BSSN. (2023). Lanskap Keamanan Siber Indonesia 2023. Badan Siber dan Sandi Indonesia.
BSSN. (2024). Lanskap Keamanan Siber Indonesia 2024. Badan Siber dan Sandi Indonesia.
Cartwright, A., Cartwright, E., & Edun, E. S. (2023). Cascading information on best practice: Cyber security risk management in UK micro and small businesses and the role of IT companies. Computers & Security, 131, 103288. https://doi.org/10.1016/J.COSE.2023.103288
Chairani, N., Zasmin, N., Raisuli, R., & Rosidi, A. R. (2025). Peran sektor UMKM dalam menekan inflasi dan menyerap tenaga kerja di Surabaya. Sammajiva: Jurnal Penelitian Bisnis dan Manajemen, 3(1), 57-66. https://doi.org/10.47861/sammajiva.v3i1.1651
Disparte, D., & Furlow, C. (2017). The best cybersecurity investment you can make is better training. Harvard Business Review, 5. https://hbr.org/2017/05/the-best-cybersecurity-investment-you-can-make-is-better-training
Fernandez De Arroyabe, I., & Fernandez de Arroyabe, J. C. (2023). The severity and effects of Cyber-breaches in SMEs: a machine learning approach. Enterprise Information Systems, 17(3), 1942997. https://doi.org/10.1080/17517575.2021.1942997
Fyfield, M., Henderson, M., Heinrich, E., & Redmond, P. (2019). Videos in higher education: Making the most of a good thing. Australasian Journal of Educational Technology, 35(5), 1-7. https://doi.org/10.14742/ajet.5930
Haedar, A. M., Ningrum, D. C., & Hidayanti, N. (2025). Pemikiran Ulama tentang Akad Mudharabah dari Mazhab Klasik Hingga Kontemporer serta Penerapannya dalam Ekonomi Syariah Digital. SAUJANA: Jurnal Perbankan Syariah dan Ekonomi Syariah, 7(3), 89-108. https://doi.org/10.59636/saujana.v7i3.345
Hapsari, Y. A., Apriyanti, P., Hermiyanto, A., & Rozi, F. (2024). Analisa peran umkm terhadap perkembangan ekonomi di Indonesia. Jurnal Manajemen Dan Ekonomi Kreatif, 2(4), 53-62. https://doi.org/10.59024/jumek.v2i4.464
Harrieti, N., & Suwandono, A. (2024). Peningkatan Pemahaman Akad-akad Perbankan Syariah dalam Mewujudkan Literasi Keuangan Syariah. PROFICIO, 5(1), 198-205. https://doi.org/10.36728/jpf.v5i1.2946
Hasan, W., & Sinuraya, B. (2024). Securities Crowdfunding Sebagai Alternatif Pembiayaan Bagi UMKM Di Indonesia. BULLET: Jurnal Multidisiplin Ilmu, 2(6), 1304-1308. https://journal.mediapublikasi.id/index.php/bullet/article/view/3959
Hidayah, Y. W., & Prakoso, B. (2023). Perlindungan Hukum Terhadap Investor Dalam Layanan Platform Securities Crowdfunding Sebagai Pendanaan Umkm Di Indonesia. CLEAR: Criminal Law Review, 1(2), 1-16.
Hill Jr, W. A., Fanuel, M., Yuan, X., Zhang, J., & Sajad, S. (2020). A survey of serious games for cybersecurity education and training. In KSU Proceedings on Cybersecurity Education, Research and Practice. 7. https://digitalcommons.kennesaw.edu/ccerp/2020/Research/7/
Javaheri, D., Fahmideh, M., Chizari, H., Lalbakhsh, P., & Hur, J. (2024). Cybersecurity threats in FinTech: A systematic review. Expert Systems with Applications, 241, 122697. https://doi.org/10.1016/J.ESWA.2023.122697
Kurnia, R., Melzatia, H. H., Rasyad, F. H. S., Sedera, R. M. H., & Mintra, R. R. M. (2024). The Role Of Financial Value Added In The Islamic Banking Sector. Journal Of Accounting, Governance, And Organization, 1(1), 22-32. https://journal.uns.ac.id/index.php/jago/article/view/1873
Maulidi, M. A. (2024). Analisa Penerapan Sharia Compliance Securities Crowdfunding (Studi Kasus Fundex Platfom). Jurnal Warta Ekonomi, 7(01), 219-232. https://jim.unisma.ac.id/index.php/jwe/article/view/24626
Muthukannan, P., Tan, B., Gozman, D., & Johnson, L. (2020). The emergence of a Fintech Ecosystem: A case study of the Vizag Fintech Valley in India. Information & Management, 57(8), 103385. https://doi.org/10.1016/J.IM.2020.103385
Nafiah, R., & Faih, A. (2019). Analisis transaksi financial technology (fintech) syariah dalam perspektif maqashid syariah. IQTISHADIA Jurnal Ekonomi & Perbankan Syariah, 6(2), 167-175. https://doi.org/10.19105/iqtishadia.v6i2
Negi, A., Rana, K., & Ranjan, R. (2023). Utilizing the CROPGRO Simulation Model to Optimize Management Practices for Achieving High Soybean Yields. International Journal of Bio-resource and Stress Management, 14(9), 1214-1224. https://doi.org/10.23910/1.2023.3607b
Nuralim, A., & Jawab, A. R. (2023). Implementasi Mudharabah Dan Musyarakah Dalam Lembaga Perbankan Syariah. Jurnal Ilmiah Multidisiplin, 2, 3-4. https://doi.org/10.56799/jim.v2i11.2417
Potgieter, P. (2019). The Awareness Behaviour of Students on Cyber Security Awareness by Using Social Media Platforms: A Case Study at Central University of Technology. In ICICIS (pp. 272-280). https://doi.org/10.29007/gprf
Pribadi, C., Sendrawan, T., & Salam, A. (2020). Implementasi Equity Crowdfunding Berbasis Teknologi Informasi Berdasarkan Peraturan Otoritas Jasa Keuangan Nomor 37/POJK.04/2018. Indonesian Notary, 2(5), 96-117. https://scholarhub.ui.ac.id/notary/vol2/iss3/5
Qawasmeh, S. A. D., AlQahtani, A. A. S., & Khan, M. K. (2025). Navigating cybersecurity training: A comprehensive review. Computers and Electrical Engineering, 123, 110097. https://doi.org/10.1016/J.COMPELECENG.2025.110097
Qurratulaini, I. (2024). Nilai Kejujuran dan Amanah dalam Ekonomi dan Bisnis Islam. Al-Iqtishadiah: Jurnal Hukum Ekonomi Syariah, 5(1), 80-100. https://journal.ar-raniry.ac.id/index.php/iqtishadiah/article/download/5240/2085
Rahmadi, P., & Yunita, H. D. (2020). Implementasi Pengamanan Basis Data Dengan Teknik Enkripsi. Jurnal Cendikia, 19(1), 413-418. https://jurnal.dcc.ac.id/index.php/JC/article/view/331
Rahmawati, D., Apriady, M. N., & Wisudanto, W. (2024). Crowdfunding sebagai alternatif pembiayaan usaha mikro kecil dan menengah (UMKM), akibat meningkatnya jumlah pelaku UMKM di Indonesia. Sebatik, 28(1), 33-40. https://doi.org/10.46984/sebatik.v27i2.2403
Rathod, T., Jadav, N. K., Tanwar, S., Alabdulatif, A., Garg, D., & Singh, A. (2025). A comprehensive survey on social engineering attacks, countermeasures, case study, and research challenges. Information Processing & Management, 62(1), 103928. https://doi.org/10.1016/J.IPM.2024.103928
Rawla, A., Singh, S., Daniyal, M., & Dubey, P. (2025). Detection of Phishing Attacks in PhiUSIIL Dataset using Deep Learning. Procedia Computer Science, 259, 543–552. https://doi.org/10.1016/J.PROCS.2025.04.003
Rosidah, A. I., Firmansyah, A., & Taufiqurrohman, M. (2025). Rekonstruksi Hukum Syirkah: Problematika Regulasi Dan Implementasinya Perspektif Qs Shaad (38): 24. Al Maqashidi: Jurnal Hukum Islam Nusantara, 8(1), 236-256. https://doi.org/10.32665/almaqashidi.v8i1.4570
Shankar, D. D., Azhakath, A. S., Khalil, N., J．, S., T．, M., & K．, S. (2024). Data mining for cyber biosecurity risk management – A comprehensive review. Computers & Security, 137, 103627. https://doi.org/10.1016/J.COSE.2023.103627
Tran-Truong, P. T., Pham, M. Q., Son, H. X., Nguyen, D. L. T., Nguyen, M. B., Tran, K. L., Van, L. C. P., Le, K. T., Vo, K. H., Kim, N. N. T., Nguyen, T. M., & Nguyen, A. T. (2025). A systematic review of multi-factor authentication in digital payment systems: NIST standards alignment and industry implementation analysis. Journal of Systems Architecture, 162, 103402. https://doi.org/10.1016/J.SYSARC.2025.103402
Ulum, K. M., Fathoni, A. S., & Lia, L. W. I. (2025). Urgency of Financial Ratio Screening Regulation for Msmes Co-Funding on Securities Crowdfunding Service. Mu’amalah: Jurnal Hukum Ekonomi Syariah, 4(2), 235-256. https://doi.org/10.32332/muamalah.e38hmp88
Waluyo, H., Sinaga, I. P. A., & Sugianto, F. (2022). Perlindungan hukum otoritas jasa keuangan terhadap penyelenggara layanan urun dana berbasis efek berdasarkan POJK Nomor 16/POJK. 04/2021. DiH: Jurnal Ilmu Hukum, 131-146. https://doi.org/10.30996/dih.v0i0.6241
Zhang, Z., He, W., Li, W., & Abdous, M. H. (2021). Cybersecurity awareness training programs: a cost–benefit analysis framework. Industrial Management & Data Systems, 121(3), 613-636. https://doi.org/10.1108/IMDS-08-2020-0462
Zhao, L., Wang, Z., Wang, S., Zhang, Y., Hou, R., & Meng, D. (2025). Exploring the ransomware ecosystem and the active defense concept: Review of attacks and defense. Journal of Information Security and Applications, 94, 104171. https://doi.org/10.1016/J.JISA.2025.104171
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2026 Putri Ruby Kohinoor, Devi Triananda Surya Putri, Anisa Nur Fatimah Karmun
This work is licensed under a Creative Commons Attribution 4.0 International License.
