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Chilean authorities looking for advice following bank hack

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Chilean authorities looking for advice following bank hack

Chilean Finance Minister Felipe Larrain said the government and local banks will engage an unnamed international organization to provide advice on cybersecurity protocols following the theft of $10 million from Banco de Chile in a cyberattack in May, Reuters reported.

In a statement, Larrain said that they will "review best practices in cybersecurity to prevent and respond to these attacks."

Authorities are also calling on regulations from Congress for banks to allocate more funds to address operational risks, such as cybersecurity.

However, Banco de Chile said it is not changing its 2018 budget for investments in cybersecurity, according to a report from Diario Financiero.