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Chile's SBIF issues regulatory changes for banks on cybersecurity

Chilean financial regulator SBIF on Aug. 31 introduced changes on cybersecurity rules to improve the incident reporting system for banks, creating a digital platform for reporting within a 30-minute deadline.

The goal is to "have more and better information about incidents in cyber risk, as well as raise the management standards of the institutions in these matters", the SBIF said in a press release.

Under the changes, it is now mandatory for banks "to promptly inform users and customers" about incidents that impact the quality or continuity of services or the security of their personal data. Banks will also be required to maintain an alert system to notify other financial institutions of potential breaches.

Additionally, the SBIF established a requirement for banks to "designate an executive level manager" to communicate with the regulator.

Banco Central de Chile recently published the final version of its contingency protocol for high-value payment systems. Chile's government has also reached an agreement with the U.S. to boost collaboration in fighting cybersecurity threats.

In August, hackers launched a new attack on Chile's financial sector and breached the customer database of state-owned Banco del Estado de Chile, leaking information on about 80,000 clients on social media platforms. Earlier in 2018, an attack at Banco de Chile resulted in the theft of about $10 million.