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  HOME | Chile

Chilean Businesses Increase Spending on Cybersecurity

SANTIAGO – The leak of personal financial data and the electronic theft of millions of dollars from a bank in the last few months have led Chilean businesses to increase spending on cybersecurity, according to a report presented on Wednesday.

The report, written by US-based software company Citrix Systems, Inc., analyzes cybersecurity measures implemented by 110 Chilean companies in different sectors of the economy.

“What we have seen after the various attacks against large banking companies is a change in the way businesses perceive cybersecurity and the elements that allow them to keep their information safe,” Marcos Vieyra, commercial manager for Citrix in Chile, told EFE.

“During the second half of 2018 and considering what has been planned for 2019, we have observed heightened concerns regarding cybersecurity, as well as an increase in spending to face different attacks,” Vieyra said.

According to the report, prior to May, when the Banco de Chile suffered the electronic theft of $10 million, 61 percent of Chilean businesses did not anticipate increasing spending on cybersecurity.

For Vieyra, however, investment in cybersecurity has now become crucial due to the expansion of Internet in Chile, where nearly 85 percent of the population has access to the Web.

Cybersecurity is especially important for large corporations, like banks and insurers, which handle the personal information of hundreds of clients, he said.

The expansion of Internet in Chile has also raised the possibilities that employees may put the companies’ information at risk.

According to the report, 35 percent of the time companies’ information is improperly released it is because employees share that information through unsafe applications, like chats.

Chile’s Superintendency of Banks and Financial Institutions said Wednesday that three new leaks of personal banking information were detected this week alone.

 

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