El Salvador Takes Steps to Boost Cybersecurity in Finance Sector

The government of El Salvador has taken a significant step towards protecting its critical infrastructure and financial institutions from cyber threats by issuing an executive order to establish guidelines for preventing and managing cybersecurity risks.

Objectives of the Policy

The new policy, dubbed the Cybersecurity Policy of El Salvador, aims to develop cybersecurity capacities across public and private sectors, raise awareness among citizens about the importance of cybersecurity, and set out specific objectives to achieve these goals. Some of the key objectives include:

• Creating an entity to coordinate cybersecurity efforts
• Promoting educational campaigns to raise awareness about cyber threats
• Adopting good practices and establishing specialized protection centers
• Analyzing current laws to create a comprehensive legal framework for investigating and prosecuting cybercrimes

Measures to Reduce Cyber Incidents

The policy encourages risk assessment as a method for reducing cyber incidents and promotes international cooperation through technical assistance and collaboration with international organizations and friendly countries.

Implementation and Impact on Businesses

All entities within the executive branch will be required to implement the policy, while official institutions, autonomous bodies, and private companies that manage critical infrastructure assets are strongly encouraged to follow suit. For more information on the policy or how it may impact businesses operating in El Salvador, contact the US Commercial Service Office in San Salvador at office.sansalvador@trade.gov.

Availability of the Executive Order

A copy of the Executive Order Number 163 is available in El Salvador’s Official Gazette, published on May 13, 2022.

By implementing this policy, El Salvador aims to protect its critical infrastructure and financial institutions from cyber threats, and promote a culture of cybersecurity awareness among its citizens.