Here is the article rewritten in markdown format:
Chile Embraces Fintech Security Measures Against Financial Crime Amid Cyberattack Concerns
A Growing Need for Robust Cybersecurity Measures
A recent high-profile cyberattack on the Chilean Judiciary has highlighted the urgent need for robust cybersecurity measures in the country’s financial sector. In response, lawmakers are moving forward with a landmark bill aimed at promoting competition and financial inclusion through innovation and technology in the provision of financial services.
The Fintech Law Bill: A Landmark Measure
The Fintech Law bill, which has gained approval from the Chamber of Deputies, seeks to address critical issues related to cybersecurity. Under the proposed legislation, certain financial service providers will be required to register with the Financial Market Commission (CMF), submitting documents detailing their risk management strategies, including measures to mitigate cyber risks.
Key Requirements for Registered Entities
Once registered, these entities must develop and implement policies, procedures, and controls to respond to the inherent risks of their business. The CMF will be empowered to issue general applicability rules related to risk management, encompassing cybersecurity aspects. These regulations must ensure the:
- Confidentiality of data and information
- Integrity of data and information
- Availability of technological systems
Reporting Security Incidents and Mitigating Risks
The Fintech Law also mandates that institutions report security incidents to the CMF without delay, adopting corresponding risk mitigation measures. This proactive approach aims to prevent cyberattacks and mitigate associated risks.
A Proactive Approach to Cybersecurity
As lawmakers consider new laws related to information and technology, it is essential that they prioritize figures or mechanisms related to cybersecurity and information security. By doing so, both the state and individuals will be aware of the necessary technical measures to prevent cyberattacks and mitigate associated risks. This proactive approach will help Chile’s financial sector remain secure and resilient in an increasingly complex digital landscape.