Peru’s Financial Regulator Emphasizes Cybersecurity as Extension of Risk Management Framework
Lima, Peru - The Superintendency of Banks, Insurance and Private Pension Funds (SBS) in Peru has highlighted the importance of cybersecurity as an extension of the integral risk management framework for the financial sector.
Cybersecurity as an Extension of Risk Management
In a recent statement, SBS emphasized that financial institutions must develop their internal cybersecurity capacity to quickly and effectively respond to breaches. The authority believes that financial institutions should integrate their cybersecurity measures into their risk management operations and establish adequate organizational structures to anticipate, detect, and deal with cyber threats.
Key Requirements for Financial Institutions
- Develop all functions of the cybersecurity framework, such as incident response planning and threat intelligence sharing.
- Establish a specialized information security committee and a multi-disciplinary incident response team.
- Provide ongoing training in cybersecurity for all employees.
- Ensure that board of directors provide resources, establish policies, and ensure that cybersecurity training requirements are met.
Human Resource Capacity
SBS has highlighted the need to develop human resource capacity in cybersecurity, citing a shortage of technical experts in Peru. The authority recommends that financial institutions take steps to address this shortage by providing resources, establishing policies, and ensuring that cybersecurity training requirements are met.
SBS’ Role in Promoting Cybersecurity
As the financial regulator and supervisor in Peru, SBS will continue to work with financial institutions to ensure that they are equipped to deal with the growing threat of cyber attacks. The authority is also studying the Computer Security Incident Response Team (CSIRT) Services Framework and the Malware Information Sharing Platform (MISP) to identify if they are compatible with its role as a regulator and supervisor.
Upcoming Sectoral Continuity Exercise
In related news, SBS has announced plans to conduct a sectoral continuity exercise based on a cyber attack scenario, in addition to its existing exercises focused on natural disasters such as earthquakes.
About SBS
The Superintendency of Banks, Insurance and Private Pension Funds (SBS) is the financial regulator and supervisor in Peru. Its mission is to ensure the stability and integrity of the financial system, protecting the rights of consumers and promoting a competitive market.