Monday , November 29 2021

The IMF focuses on managing cyber risk in the financial system


The Minister of Finance, Felipe Larraín, has indicated that the portfolio had received the results of the evaluation that was carried out by the International Monetary Fund (IMF) on cyber security. This is the report that IMF experts in July of this year came to Chile to conduct the evaluation by the Ministry of Finance.

Larraín indicated that the main conclusions of this report are: It is an unbroken and fragmentary legal and regulatory framework in cyber security in & # 39; and various financial markets.

The relevant regulations follow a principle-based approach, making the regulatory framework stable and flexible. The usage of details may, however, be divergences in agreement, severed in appendix and not invest in cyber security by some of the & # 39; regulated institutions.

The mandatory evaluation of each institution leaves the removal of web-based subsidies, including the ability to limit cyber security according to the risk of any institution in this case.

The specific cyber risk resources are low in relation to the number and complexity of the targeted settings.


With this diagnosis, the IMF reports the report in its report five steps to strengthen regulation and supervision capacity in the management of cyber risk:

1) make homogeneous and explicit mandates so that any authority regulates and manages the management of cyber risk in its various industries.

2) The authorities should provide detailed guidelines on cyber risk management based on exposure to this type of risk.

3) The authorities must strengthen their capabilities to manage cyber risk with special cybercurity teams and provide training opportunities.

4) More emphasis must be placed on ending cyber security on the site.

5) Determined guides of cyber risk guidelines should be developed which indicate how to determine what is set in the rule of law at the starting level.


Minister Larraín has stated that the report is part of the work that has developed its portfolio this year, which added that "the problem of cyber security is of the utmost care for the government."

It would be disclosed that in the last calendar day Larrain reported that the Government congressly sends a project on cyber security to the financial sector, an initiative that is part of the # 39; the total cybercurity strategy of government. These accounts, he said, will be the recommendations of a ' The technical assistance received the IMF received.

Other measures here the Ministry of Finance is concerned and that the recommendations of IMF-fines on & # 39; Training of supervisors in this area. "We are negotiating with various international organizations training opportunities to train special teams in cyber security in surveillance settings," said Larraín.

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