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Argentina’s Financial Services Institutions Face Compliance Challenges Amidst B.C.R.A. Regulations

Buenos Aires, Argentina - The Central Bank of Argentina (Banco Central de la República Argentina) has set out stringent regulations for financial services institutions operating within its jurisdiction. As these institutions look to adopt and accelerate their use of cloud technology, specifically Amazon Web Services (AWS), they must navigate complex compliance requirements.

B.C.R.A.’s Communications “A” 7,777 and 7,783: Essential Guidance for Financial Services Institutions

According to industry experts, the B.C.R.A.’s Communications “A” 7,777 and 7,783 provide essential guidance for financial services institutions in Argentina as they move towards cloud adoption. These regulations emphasize the importance of data protection and security measures, mirroring international standards and best practices.

Argentina’s Data Protection Law: Implementing Robust Security Measures

Argentina’s Data Protection Law (Ley de Protección de los Datos Personales) requires regulated entities to implement robust data security measures. The Agencia de Acceso a la Información Pública de Argentina issued Resolution 47 in 2018, which outlined new recommended security measures aligned with global standards. These measures aim to protect sensitive personal data throughout its processing lifecycle.

AWS Cloud Security and Compliance

AWS has developed a comprehensive guide on cloud security and compliance, highlighting the numerous security controls it employs to reduce the burden on customers. By leveraging AWS, financial services institutions can strengthen their own security certifications and compliance programs while minimizing costs associated with maintaining specific control requirements.

Regulatory Compliance in the Cloud: A Guide for Financial Services Institutions

Argentina’s financial services institutions must ensure they meet regulatory requirements when using cloud technology. This includes adhering to international standards such as:

  • NIST 800-53, which validates AWS’ security controls
  • FedRAMP requirements
  • Payment Card Industry Data Security Standard (PCI DSS) 3.2.1

Compliance-Enabling Features on AWS

AWS offers numerous compliance-enabling features to support regulated workloads in the cloud. These features enable organizations to achieve a higher level of security at scale, reducing costs associated with maintaining specific control requirements.

Operational Resilience in the Financial Services Industry

AWS and its customers in the financial services industry have achieved operational resilience using AWS services. This has enabled them to reduce downtime and improve overall performance while maintaining regulatory compliance.

Data Classification and Secure Cloud Adoption

A recent paper provides insight into classification schemes for public and private organizations moving data to the cloud. It identifies practices and models implemented by global first movers and early adopters, examining how implementation can simplify cloud adoption and recommend practices to harmonize national requirements with internationally recognized standards and frameworks.

AWS Policy Perspectives: Data Residency

The real and perceived security risks associated with in-country data residency policies are addressed in a recent paper. It examines the commercial, public sector, and economic impact of such policies, focusing on government data, and provides considerations for governments evaluating requirements that can unintentionally limit digital transformation goals leading to increased cybersecurity risk.

AWS Risk and Compliance

A document intended to provide information assisting AWS customers with integrating AWS into their existing control framework supporting their IT environment. It includes a basic approach to evaluating AWS controls and addresses AWS-specific information around general cloud computing compliance questions.

AWS Security Audit Guidelines

Guidelines for systematically reviewing and monitoring your AWS resources for security best practices are provided in this document.