Disponible en Español

IMF-CEMLA-ASBA Workshop on Cyber Resilience in Latin America and the Caribbean

October 4, 2024
Videoconference

The Financial Market Infrastructure Department of CEMLA, in collaboration with the International Monetary Fund (IMF) and the Association of Banking Supervisors of the Americas (ASBA), organized the Cyber Resilience Workshop in Latin America and the Caribbean on October 4, 2024. This virtual event brought together 137 representatives from 37 CEMLA member institutions and consisted of three sessions, outlined below.

In the first session, Rangachary Ravikumar (IMF) presented the global cybersecurity landscape, highlighting the increasing impact of cybercrime on the Financial System (FS). He noted that LATAM countries are in the early stages of development in this area and emphasized the need to treat cybersecurity as a public good.

The second session, moderated by Katrin Aasmann from the Estonian National Cyber Security Centre (NCSC-EE), explored how cyber incidents can escalate globally, compromising macro-financial stability, particularly in the FS.

Finally, in the third session, representatives from the Bank of Spain, the Central Bank of the Argentine Republic, and Bank of Mexico presented the results of resilience exercises, highlighting interdisciplinary benefits, the importance of fluid communication during incidents, the strengthening of cybersecurity, and the role of regulators as advisors.

We look forward to seeing the tangible impacts of this workshop on the operational resilience of financial institutions and the broader financial ecosystem in Latin America and the Caribbean.