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Report: Banco de Chile to restructure technology department after cyberattack


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Report: Banco de Chile to restructure technology department after cyberattack

Banco de Chile is planning to restructure its technology and operations department and bolster its defenses following the May cyberattacks, according to a report by Diario Financiero citing unnamed sources close to the matter.

The plan, which the bank reportedly will announce Aug. 14, will entail the departure of Ignacio Vera, the current head of the area.

In a string of measures, Banco de Chile created a new cybersecurity division, naming Fermín Uribe-Echeverría as its manager and said it was pushing through with the migration of its ATM network to the Windows 7 operating system.

Chile's government has urged banks to increase their defenses against cyberrisks, following a series of attacks in the country in recent months.

President Sebastián Piñera's government will also introduce a pack of measures to help shield both public and private entities from online attacks and appointed a special adviser to cybersecurity concerns.

These moves come after a series of information breaches that targeted 18 Chilean banks and leaked private information of more than 60,000 debit and credit card users in July.

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