Cybercrime Watch: Banco de Chile theft, Colombia risk management

Banco de Chile has filed a legal complaint in Hong Kong after cybercriminals stole US$10mn from the bank.

The announcement of the theft comes as authorities and bank officials investigate a cyber-attack launched last month.

Once aware of the attack, the bank focused efforts on protecting client accounts which gave those behind the incident a window of opportunity to steal bank funds via the Swift payment system, Banco de Chile's CEO, Eduardo Ebensperger, was reported as saying by local paper La Tercera. Some of the stolen funds may already have arrived in Hong Kong, the paper said.

Banco de Chile is one of the country's biggest banks.

An organized crime outfit from Eastern Europe or Asia likely carried out the attack, Microsoft said, according to the paper.

Chile's interior minister Andrés Chadwick said that President Sebastián Piñera had ordered officials to propose new rules that would lead to tighter bank security, local paper Diario Financiero reported.

In Mexico, cybercriminals stole more than US$15mn from local banks in April and May.

ALSO READ: Cyberattacks expose Mexican bank sector's scant data security awareness

In related Banco de Chile news, the lender - and state bank BancoEstado - were ordered to reopen the accounts of cryptocurrency trade OrionX after the company filed a complaint with the country's competition court.

OrionX, along with fellow traders Buda and CryptoMKT, have alleged banks abused their dominant market position by closing their accounts. Banks have cited concerns over a regulatory void and compliance issues.

The court has issued temporary injunctions while the full case is heard.

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Colombia's financial services watchdog Superfinanciera issued instructions to banks regarding the threat of cybercrime.

The instructions complement existing rules and concern compliance with minimum requirements in the area of risk management, according to Superfinanciera documents.

In the document, Superfinanciera said an "increase in the digitalization of financial services, greater interconnectivity of stakeholders and widespread use of digital channels, among other elements, has led to an increase in exposure to cyber risks..."

Superfinanciera also issued associated instructions regarding minimum security standards for financial transactions.