The Chilean State continued working this week to improve the cybersecurity of the financial system, following last week’s cyber-attacks. The Financial Stability Board (CEF) signed a memorandum of cooperation that establishes three lines of action: information cooperation, international comparative studies to create new standards and the development of protocols for emergencies. Furthermore the Senate´s Joint Committee on Finance and Economy began the debate on the bill that seeks to encourage companies to improve their levels of digital security (Exp. 11816). The Committee will continue its debate next week.
The memorandum was signed on Monday July 30th by all the authorities of the institutions that are part of the CEF: the Minister of Finance, the Superintendent of Banks, the Superintendent of Pensions, the President of the Financial Market Commission and the President of the Central Bank. They accepted to share information regarding the inspection processes relevant to operational continuity applied by each institution. They will also advance in studies of international legislation to compare and synthesize new regulations for the Chilean financial system. Finally, they will develop a protocol for emergency cases of cyber-insecurity episodes.
The Chilean Congress began the discussion of a bill to legally support new requirements in this area. This happened in a joint meeting of the Senate´s Finance and Economy Committees, which began the debate on a bill that seeks to fine up to 600,000 dollars to financial institutions that present weaknesses in their internal controls, their computer systems and the security of their networks.