Cybersecurity from the perspective of the financial regulator and supervisors in Peru

Cybersecurity incidents have increased at a rapid pace in the last decade, affecting all areas of the economy. In the financial sector, the COVID-19 epidemic has been fertile ground for scammers to take advantage of low-income consumers who lack familiarity with tech and the internet marketplace. The regulatory and supervisory authority of Peru’s financial sector, Superintendence of Banks, Insurance Companies, and Private Pension Fund Administrators (SBS), takes a very serious view of information security and has been very active in its efforts to improve it over the last decade.

SBS has drawn up its cybersecurity roadmap built on five pillars: 1) develop the regulatory framework as an extension of the applicable legal framework; 2) promote the corresponding technical and procedural implications; 3) ensure the necessary organizational structures are enabled; 4) development of human resource capacity and; 5) promote cooperation. The primary purpose of this document is to show how SBS develops its cybersecurity roadmap and prepares the financial sector, including the insurance and private pension fund industries, to deal with cybersecurity threats or mitigate their effects.