Insurance Companies in Chile Must Adhere to New Cyber Standards

Insurance companies in Chile will have to report cybersecurity incidents and undertake regular self-assessments of the operational risks they face in cybersecurity under new rules published by the country’s financial markets regulator.

The new rules announced this week, which come into effect Sept. 30, also establish principles and concepts for adequate management of cybersecurity risks for the sector which Comisión para el Mercado Financiero, or CMF, will use as the basis for its evaluations.

Companies must also assess each year their compliance with cybersecurity principles for the industry and, if there are any breaches, present action plans to remedy them. ...