Mexico is seeking to standardize the regulatory framework of the financial system in cybersecurity, Banxico and CNBV have already presented the proposals.
The National Banking and Securities Commission (CNBV) is preparing what will be the Single Cybersecurity Circular, a legal framework that will regulate the minimum necessary to mitigate cyber risks in all financial institutions.
This circular will include several provisions on information security that banks, Sofomes, Sofipos, brokerage firms and other supervised entities must comply with.
“During this period the Commission
has conducted an analysis of the existing regulations to identify areas for improvement and ensure that all members of the Mexican financial system have a standardized regulatory framework.
“In accordance with the above, a proposal for a circular is being developed that integrates and systematizes the provisions on information security.
“Which would be applicable to all financial entities supervised by the CNBV.”
According to the authority’s 2022 Annual Report.
The rise in digital means of making transactions, spurred by the pandemic, has impacted the risk of cyberattacks and financial fraud.
“Therefore, it is necessary to comprehensively strengthen cybersecurity in the operations of all participants in the financial system . ”
Held .
The circular considers the minimum principles for mitigating cyber risks and the relevant mechanisms for ensuring the security. Of operations and safeguarding clients’ assets, he added.
The instrument is developed brazil whatsapp number data on the basis of sound and generally. Applicable security principles to cover the different operational frameworks of financial institutions.
It also incorporates international standards on the matter, without focusing on prescriptive elements of regulatory compliance, he added.
The CNBV said it is also working to strengthen internal control in the area of fraud.
Its objective is to strengthen and update the regulatory framework to support the CNBV’s fraud supervision work.
In line with the evolution of best practices
observed in international experience, the document argues.
The proposal aims to enhancing meical clinics through personalize strengthen supervision in the areas of fraud prevention. Detection and monitoring, and to establish legal bases.
In order to establish an obligation cz lists to follow in matters of fraud. For the benefit of financial stability and financial users.