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Interest in cybersecurity insurance grows in Chile following bank hack

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Interest in cybersecurity insurance grows in Chile following bank hack

Chilean companies are showing growing interest in cybersecurity insurance after the cyberattack at Banco de Chile in which $10 million was stolen, La Tercera reported.

"During the last few days we have received a lot of queries related to cyber risk protection," said Lionel Soffia, CEO of insurance broker Gallagher. "A few years ago we saw some skepticism in companies to be sure about this type of issues, a situation that has changed rapidly."

Requests for cybersecurity coverage "have increased during the last years in values close to 100%," added Juan Pablo Etchart, technical director at insurer Southbridge Chile.

According to audit firm KPMG's 2018 CEO outlook report, only 40% of Chilean CEOs believe they are adequately prepared to face a cyberattack, in contrast to 78% for Latin American CEOs.

Meanwhile, the country's senators are set to hold a special session next week to discuss the cybersecurity issue with Banco Central de Chile's board, the publication reported separately.

According to Central Bank Governor Mario Marcel, it is impossible to wholly protect a technological system against cybersecurity risks, making it necessary to continually keep up with changes in technology. "This is a challenge that is permanent and dynamic," Marcel noted.

Chilean Finance Minister Felipe Larrain earlier said the government and local banks will engage an unnamed international organization to provide advice on cybersecurity protocols.