He Central Bank (BCRA) approved, this Thursday, the minimum requirements for the management and control of technology and information security risks associated with digital financial serviceswith a view to continuing to strengthen cybersecurity and fraud prevention that this sector guarantees to users.
As reported by the monetary regulator in the communiqué of the measure, “this regulatory update adjusts the minimum parameters in terms of governance, technology risk management and information securitythe protection and monitoring measures of the services and activity of the clients”.
“Within the framework of technological advances, the diversity of participants in the financial system and their interconnections, and the expansion of digital financial services, the BCRA established a strategy to address the associated risks and threats by adopting guidelines and issuing regulations“, pointed out the BCRA. And it explained that they consist of:
• Cyber-incident Response and Recovery Guidelines (2021).
• Measures to mitigate, prevent and manage fraud in transfer operations (2022).
• Minimum requirements for the management and control of technology and information security risks (2023).
To these previous steps, we add, now, this new standard approvedwhich updates security practices and requirements, including requirements for monitoring and control of transactions and customer activity, digital identification, controls over the applications and devices provided, controls to prevent identity theft in the use of mobile applications, controls to prevent the appearance of apocryphal accounts and applications and fake sites that imitate official accounts and sites, among others.
“This is how a complete regulatory framework that seeks to protect the userpromote operational resilience and preserve the stability of the financial system”, assured the BCRA. And it explained that the purpose is to allow a review of the processes to adjust to this new regulatory approach.
The rule It will enter into force 180 days after its publication. and the BCRA anticipated that “it will continue working to keep the regulations on technology risk management and information security updated, accompanying the advancement of digital services and the definition of new means of payment provided by the participants of the financial system”.
Source: Ambito
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