Tomsi Tohir, Banten police chief, earlier said the minister had been conscious and described his condition as stable before he was flown to Jakarta by helicopter for further treatment.
The attack came just over a week before Widodo's inauguration for his second five-year term in office.
Widodo, who appointed Wiranto to the top security post in 2016, visited him at the hospital.
President Joko Widodo said that security had to be improved and the network behind the attack dismantled.
National police spokesman Dedi Prasetyo said in a news conference on Thursday that chief security minister Wiranto was wounded in the abdomen.
Wiranto, 72, who uses one name, was airlifted to the capital, Jakarta.
The minister has reportedly been taken to hospital.
Wiranto, who uses one name, was getting out of a vehicle in a town square in Banten province when he was attacked.
"The perpetrators are alleged to have been exposed to Islamic State radicalism", Prasetyo said, without elaborating. "He was arrested and the woman fought the police", Madrohim added.
While the motive for the attack was not immediately clear, Prasetyo told reporters they may have been inspired by the extremist ideology of ISIS.
Authorities routinely arrest suspected Daesh-loyal militants that they claim were planning bomb and other attacks.
"While very serious, this attempt should not be over dramatized".
He has also been accused during his time as a military commander of being involved in the killings of people in East Timor who were calling for independence from Indonesia. He denied the allegations.
Many past attacks by Indonesian militants have been against police and other state symbols.
Wiranto ran unsuccessfully for president in 2004 and for the vice-presidency in 2009.