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Chile's regulator asks leading banks to strengthen cybersecurity after attacks

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Chile's regulator asks leading banks to strengthen cybersecurity after attacks

Chile's financial regulator SBIF is urging executives from the country's leading banks to strengthen their organizations' cybersecurity after recent reports of system breaches at local banks.

According to a statement from the regulator, SBIF chief Mario Farren met June 18 with general managers from Banco de Chile, Banco Santander Chile, Banco del Estado de Chile, Banco de Credito e Inversiones SA, Itaú CorpBanca, Scotiabank Chile, Banco Ripley, Banco Bilbao Vizcaya Argentaria Chile SA, Banco Falabella, BICECORP SA and Banco Security SA and highlighted the need for additional measures to fortify security and convince customers that the banking industry is being proactive against potential threats.

The move follows a cyberattack at Banco de Chile in May when $10 million was stolen by hackers and multiple complaints were also reported by Itaú's clients who have claimed they were victims of unauthorized transactions.

Since these episodes, Chilean companies are showing a growing interest in cybersecurity insurance. Meanwhile, the country's senators are holding a special session this week to discuss cybersecurity concerns with Banco Central de Chile, according to previous reports in the Chilean media.

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