Chilean Financial Sector Hit With New Cyber Rules

The Chilean government has issued a series of changes to its cybersecurity standards, increasing incident reporting requirements for banks and non-bank payment card issuers and operators.

The Superintendency of Banks and Financial Institutions of Chile (SBIF) recently issued changes to Chapters 20-8 and 1-13 of its Updated Compilation of Standards to strengthen the public’s faith in financial institutions.

“From now on, it will be mandatory to promptly inform users and customers about incidents that affect the quality or continuity of services, the security of their personal data or whether it is a matter of public knowledge,” the SBIF said.

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