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Electronic Safety and Soundness in Colombia Financial Sector Policy Global Dialogue Series #19 Milton Quiroga

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Presentation on theme: "Electronic Safety and Soundness in Colombia Financial Sector Policy Global Dialogue Series #19 Milton Quiroga"— Presentation transcript:

1 Electronic Safety and Soundness in Colombia Financial Sector Policy Global Dialogue Series #19 Milton Quiroga mquiroga@uniandes.edu.co

2 Trends in e-security incidents in Banking in Colombia Malicious code, virus, worms, chain-letters are daily problems, Companies are ill-prepared for incident handling: –No formal procedures for incident handling, Usually based on tips interchanged in e-mail forums, –No formal procedures for evidence collection, Important black numbers of unpunished crimes, Banks don’t have major incentives to improve its security in e- commerce, –In credit card transactions client (user) is always liable! A growing and undocumented problem: identity theft, –Privacy in Colombia? Of course, spamming is also a growing (and annoying) problem,

3 Processes to mitigate electronic security risks In Colombia risk management is usually an auditor problem, –Computer security is not a mainstream problem for employees, In general computer security is not part of the organizational culture, We are using technological and management tools to improve our security: –PKI, smart-cards, … –BCP/DRP, role separation, risk management, … –However, these topics are still “esoteric” for many Colombian banks, A big challenge: keep our systems up to date!

4 Role of multilateral institutions UNCITRAL wrote a “model law” for e-commerce and digital signatures that several countries adopted and adjusted to its necessities: –v.g Colombia in 1999, It’s desirable to have a “model law” based on “civil law” (not “common law”): –Computer crime (electronic vandalism, identity theft, DoS, …), –Transnational issues, –Privacy, –Spamming, –…


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