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Chile unveils a package of measures to shield against cyberattacks


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According to Market Intelligence, April 2023

Chile unveils a package of measures to shield against cyberattacks

The Chilean government said that it will shortly implement a new pack of measures to help shield both public and private entities from online attacks, Diario Financiero reported.

The plan was reportedly revealed by the newly appointed presidential adviser on cybersecurity concerns, Jorge Atton, during a special hearing held at the lower house in the Chilean congress.

The meeting had been called after a series of information breaches that targeted nearly 18 Chilean banks in the recent months and leaked private information of more than 60,000 debit and credit card users in July.

This plan follows the cyberattack that struck Banco de Chile in May, in which $10 million was stolen by hackers and raised serious concerns among politicians and industry leaders on the country's cybersecurity strength.

Atton specified that the plan, which includes financial institutions, will consist of three main areas, all of which should be implemented between next December and 2019, according to Diario Financiero.

First of all, connectivity decrees will be reviewed in order to incorporate new cybersecurity standards for state-run institutions as well as government contractors. Secondly, minimum levels of critical infrastructure will be defined and see met for regulated sectors companies, which include banks, and emergency procedures and response centers will be designed at the regulator level in order to respond to a potential attack.

Finally, Atton also informed that the government will work closely with other states in order to share expertise and that it will promote an awareness campaign to the broad public.

In June, the financial regulator, SBIF had urged executives from the country's leading banks to strengthen their organization's cybersecurity. The Finance Ministry was expected to add proposals from senators to the country's draft of the General Banking Law, which is expected to include sector-focused standards on digital infrastructure.

Among the proposals was a hike on the maximum fine on institutions supervised by the SBIF banking regulator.

In early July, the Senate's finance committee was reportedly mulling obligatory requirements for banks to allocate part of compulsory capital requirements for cybersecurity measures.