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
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    News

    BIS Discusses Role of Central Banks in Addressing Climate Change Risks

    BIS published a book that reviews ways of addressing the climate change risks within the financial stability mandate of central banks.

    January 19, 2020 WebPage Regulatory News
    News

    FSB Report Examines Global Nonbank Financial Intermediation Activity

    FSB published the ninth annual report examining the global non-bank financial intermediation activity.

    January 19, 2020 WebPage Regulatory News
    News

    OSFI Publishes Instruction Guide on Solvency Information Return

    OSFI published an instruction guide to assist administrators of pension plans in completing the Solvency Information Return that is required to be filed with OSFI.

    January 17, 2020 WebPage Regulatory News
    News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News
    News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    News

    BCRA Updates Regulation on Capital Requirements and Information Regime

    BCRA updated the rules on minimum capital requirements for financial entities and on certain aspects of the information transparency regime for quarterly and annual supervision.

    January 16, 2020 WebPage Regulatory News
    News

    BoE and FCA Outline Next Steps for LIBOR Transition in 2020

    BoE, FCA, and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents that outline the LIBOR transition priorities and milestones for 2020.

    January 16, 2020 WebPage Regulatory News
    News

    BIS to Expand Central Bank Membership

    BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities.

    January 14, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4511