Featured Product

    CMF Proposes Standard on Information Security and Cyber Security

    November 25, 2019

    CMF is consulting on the standard for management of information security and cyber security. The proposed standard establishes a series of guidelines and best practices that should be considered by entities in their process of information-security and cyber-security management. This will allow the entities to be better prepared for a scenario in which the management of operational risk becomes increasingly relevant. The guidelines will apply to banks, banking subsidiaries, bank draft support companies, and payment card issuers and operators. The comment period for this consultation ends on December 27, 2019. The instructions set forth in this standard will be effective as of March 01, 2020.

    The new chapter of the Updated Collection of Standards (RAN) for banks and other relevant entities contains a series of provisions that are based on international best practices and that should be considered for the management of information security and cyber security. The new chapter of the RAN complements different regulations of CMF, which include chapters on evaluation of operational risk management (Chapter 1-13), risks that entities assume in outsourcing services (Chapter 20-7), information on operational incidents (Chapter 20-8), and business continuity management (Chapter 20-9). The standard is divided into four sections:

    • The first section establishes general guidelines for the management of information security and cyber-security matters. Among them, the role of Board of Directors for the proper management of information security and cyber security is highlighted, giving the Board the responsibility of approving the institutional strategy in this area.
    • The second section establishes guidelines that institutions should consider for the implementation of a risk management process to support the information security and cyber-security system. Thus, the minimum stages of an information security and cyber-security risk management process are established.
    • The third section mainly establishes two aspects of relevance in cyber-security management. One aspect is the determination of the cyber-security critical assets, including physical components such as hardware and technological systems that store, manage, and support these assets. The other aspect underlines the relevance of the protection functions of these assets, the detection of threats and vulnerabilities, the response to incidents, and the recovery of the normal operation of the entity.
    • The fourth and final section contemplates the importance that entities have policies and procedures for the identification of assets that make up the critical infrastructure of the financial industry and the payment system as well as for the adequate exchange of incident information with other members.


    Related Links (in Spanish)

    Comment Due Date: December 27, 2019

    Effective Date: March 01, 2020

    Keywords: Americas, Chile, Banking, Information Security, Cyber Risk, Operational Risk, FAQ, CMF

    Related Articles

    UK Authorities Consult on Implementation of Basel 3.1 Standards

    The UK authorities have published consultations with respect to the Basel requirements for banks. The Prudential Regulation Authority (PRA) published the consultation paper CP16/22 on rules for the implementation of Basel 3.1 standards.

    November 30, 2022 WebPage Regulatory News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News

    FSB and NGFS Publish Initial Findings from Climate Scenario Analyses

    The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.

    November 15, 2022 WebPage Regulatory News

    FSB Issues Reports on NBFI and Liquidity in Government Bonds

    The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.

    November 14, 2022 WebPage Regulatory News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News

    EU Finalizes Rules Under Crowdfunding Service Providers Regulation

    The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.

    November 08, 2022 WebPage Regulatory News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8597