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Chile mulls obligatory capital requirements for bank cybersecurity

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Chile mulls obligatory capital requirements for bank cybersecurity

The Chilean government is studying amendments to draft legislation aimed at obliging banks to allocate part of compulsory capital requirements for cybersecurity measures, Diario Financiero reported.

According to the publication, the Senate's finance committee is considering incorporating the rules with the country's new banking law, in line with the capital requirements of the second pillar of the Basel standards.

In addition, financial regulator SBIF is reportedly also preparing new cybersecurity regulations for banks, with the aim of fortifying the operational safety of the financial system in general.

In June, the SBIF urged executives from the country's leading banks to strengthen their organizations' cybersecurity, following the May cyberattack at Banco de Chile in which $10 million was stolen by hackers, and the claims of Itaú CorpBanca clients who claimed they were victims of unauthorized transactions.

Chilean Finance Minister Felipe Larrain has said the government and local banks will engage an unnamed international organization to provide advice on cybersecurity protocols.