Monday , March 1 2021

The Central Bank asks for a review of the legal framework on cyber security and warns against external risks of the State



Financial Stability Report Central bank He referred to a review of the regulatory and supervisory framework for cyber security.

The issuing authority indicated that, among the threats to Chile's financial stability, "Continue to highlight those related to the rapid adjustment of external financing conditions".

This financial stability report is in line with the second half of 2018, in which the central bank stressed that there is still a risk of financial stability remaining due to a sharp correction of external financing conditions, a smaller local bank and local bank non-bank loan growth without consolidated debt information.

Although the financial system and internal and external payment systems have not recorded significant imbalances, some events, such as cybersecurity, need to be monitored.

This was said by the President of the Central Bank Mario marcel.

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At the same time, this report has a special section on cyber security, which poses challenges to regulators in the future, in order to improve the regulatory and supervisory framework in this area. In addition, it calls for private sector financial institutions to be kept under constant review if the cyber-security risks they are exposed to are well managed.

All this in connection with the implementation of the new General Banking Law, as pointed out by the Head of the Financial Police Department of the Central Bank, Solange Berstein.

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In this regard, the government has an agenda in this area: a draft law on computer crime, a statement on presidential cybersecurity documents to the state, and a personal data project.

During the analysis, the Minister of Economy, José Ramón ValenteHe noted that the country has properly addressed the issue of cyber security.

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As regards the development of household indebtedness, The central bank reported household interest rates as an increase in savings and debt ratios as well as a significant increase in debt-debt and household financial burden.


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