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Chilean bank regulator lays down recommendations for cyberattacks

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Chilean bank regulator lays down recommendations for cyberattacks

In light of the virus attack that hit Banco de Chile late in May, the country's banking regulator SBIF laid down recommendations for banks during cyberattacks, La Tercera reported June 6.

The attack brought down the bank's branch, telephone banking and large payments systems. The bank's products and transactions, however, were not affected.

During a Senate inquiry, Mario Farren, head of the SBIF, recommended that Banco de Chile share with other entities information on what happened for others to take security measures of their own against viruses.

Farren also said he will consider requiring financial institutions to report cyberattacks within an hour, and ensure that banks' operations return to normal within four hours after any attack. He also promised to make cybersecurity a priority for his administration.

Banco de Chile, on the other hand, is cooperating with the regulator in studying the details of the hack to determine the extent of the cyberattack. The bank is also currently analyzing whether any accounts were affected.

Based on data from the bank there are currently 56 customer complaints, 32 of which have been resolved, 10 of which are being solved, and 14 are still pending.