On October 13th, at the XVIII Meeting of Finance Ministers of the Pacific Alliance (AP) held in Indonesia, the countries members of the bloc agreed to promote common principles on cybersecurity. They aim to ensure uniform standards of protection for financial systems and capital markets.

The main promoter of this agreement was Chile, a country that continues to adopt regulations in this area. In that sense, the Central Bank of Chile (BCCh) introduced modifications in the mechanisms of Real Time Gross Settlement, with a perspective to deepen cybersecurity. Furthermore, Chile’s Undersecretary of Finance, Francisco Moreno, explained that the objective will be “to improve the security of regional financial systems and financial markets”. At the same time, he stated that the first step will be “to carry out comparative studies of international legislation, which will serve as an input for the future standards”.

Consistent with this, Chile continues to implement reforms in its domestic regulations. This week it was the turn of the BCCh. It published Circular No. 598, modifying the operational continuity procedure of the Real-Time Gross Settlement System (RTGS). This system is used to carry out transfers of high amounts between banks. It will incorporate a new instance of security and recovery anchored in an application called Proofpoint, which will require additional data in the event of suspicious episodes in digital transactions.