We are facing a technological revolution that does not seem to be close to an end. Data protection, and more and better platforms development’s value has risen considerably. Nevertheless, the ongoing growth of digital threats has forced companies, and specially the financial industry, to address this topic as a priority, focusing on protecting their business, and, overall, their clients.

Electronic banking has been explosive.

In Chile, electronic banking is growing hand by hand with new technologies. According to Asociación de Bancos e Instituciones Financieras (ABIF) (Banks and Financial Institutions Association), this evolution has taken place in Chile because of different reasons:

  • Traffic growth: In 2017, the number of online banking users rose to 9 million, twice as much as it was five years ago.
  • Connectivity: In nine years, the percentage of users in online banking went from 9% to 38%.
  • Pocket banking: During 2017, out of the 70.3% of checking account users that visited their bank’s webpage, 34.5% did through a mobile device.

Rodrigo Ramirez, former sub secretary of Telecommunications, and current manager of multiple innovation, digital transformation, and technological development related projects, adds:

“In Chile, contrary to other countries, everybody has access to electronic banking. Here, we possess an excellent financial infrastructure regarding deployment and opportunities”.

Digital security has been a recurring topic in the financial world for the last years, but has become a priority in our country because of the global phenomenon digital transformation has been, where companies daily activities vary between managing information online and improving cyberattacks related controlling systems. Because of this, during early July, Banks and Financial Institutions superintendent, Mario Farren, traveled to New York to learn first hand how American financial entities deal with events such as the ones local institutions have faced regarding digital transactions security, in order to continue the electronic banking (and other industries as well) optimization.

According to Rodrigo, continuous improvement on digital platforms is not only affecting positively on financial banking, but on companies that provide this kind of services as well, both in and outside the country. “All of these changes will bring a better offer” he claims.

“The easier the access, the more convenient the experience for the user, reason enough to optimize in a way that allows the combination of attributes, easiness, and security to keep on growing in our country”.

Cybersecurity’s future in Chile.

Nowadays, there are more technological solutions related to, and dedicated specifically to, data protection: the cloud and blockchain are just a couple of them. In spite of this, we cannot rely solely on the tools we have access to. Rodrigo thinks the challenge is getting to know the new citizen: “To prepare the consumers at school level to face cybersecurity related problems is a must”.

This year, the Ministerio de Education (Mineduc) (Ministry of Education) disclosed the “Plan de Lenguas Digitales” (“Digital Languages Plan”), activity focused on pushing the country’s digital transformation by motivating students and teachers, granting them tools to help them from learning how to program, to gaining a more complete understanding of the computational philosophy teaching. One of the many initiatives that are bringing together the construction of the new digital Chilean citizen.

Finally, facing the question “How well protected is Chileans citizens’s data today?”, according to the investment in cybersecurity, and to a research carried on by Microsoft, Chile’s contribution is a 30% more than the Latin American general average, nevertheless, we think it is essential to raise investment, and continue to coordinate efficiently to increase our warranties as a country to fight and prevent hacking, and any other forms of cyberattacks, to the infrastructure of public and private institutions.