Chile publishes insurance cybersecurity, operational risk management rules

Bnamericas Published: Wednesday, May 19, 2021

Chile’s financial services commission CMF published instructions concerning operational risk management and cybersecurity within the insurance and reinsurance sector.

The framework, which enters force in September 30, establishes corresponding concepts and principles.

The objective is to strengthen supervision in the area, a statement said. 

Insurance players will be required to conduct self reviews every two years in terms of operational risk management and every year regarding cybersecurity. Players must provide information on associated remedial measures to close gaps, where deemed necessary.

Regulated entities, CMF said, will also be required to report cybersecurity-related incidents and establish processes to brief industry peers in order to protect users and the system as a whole. 

CMF said recently that cybersecurity rules were due to be tightened within the securities industry. CMF has already introduced new rules for the banking system.

CMF is adopting a twin peaks regulatory model.

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