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On the occasion of the Cyber Security Enhancement Program promoted by Superintendent Mario Farren on Friday, July 27, a letter was sent to the Managing Directors of the card issuing banks and they have their own ATMs established in the country. The purpose of the note was to ask for the plans that will be implemented for the modernization of payment cards and ATMs.
It is relevant to remember that the Superintendent asked banks to adopt specific cybersecurity measures. This includes updating operating systems on which ATMs operate and renewing cards, adding chip technology to magnetic stripe.
The letter sent states that "the Superintendency considers it of utmost importance that supervised banking entities apply the highest security standards for all matters related to this risk (cybersecurity). "
In view of the above, they were instructed to report:
(i) the plan for incorporating chip technology into the credit and debit card universe of each bank
(ii) The plan to update the operating system of its ATM network, and
iii) the status of the implementation of the requirements established in Decree no. 222 for Automated Teller Machines
The letter includes an appendix on which the requested information must be submitted.
Finally, the Superintendent has indicated that no one is immune to electronic or digital attack, that is why he called the banking sector to take the necessary measures to mitigate this risk, which should accompany actions of all sectors of the economy because cybersecurity risk is a joint task.
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