During 2024, a new law on cybersecurity and critical infrastructure was enacted. It is the first of its kind in Latin America, aimed at bolstering Chile's cybersecurity for organisations in scope through risk management; security standards for the prevention, containment and resolution of incidents; and sanctions that will vary depending on the risk and size of the organisation. The notification requirement will have the greatest impact on both the local insurance market and reinsurers, as non-compliance can lead to fines up to US$ 1,500,000. With this new law in place, we are already seeing demand for cyber insurance coverage grow and it will continue to do so into 2025.

The increasing importance of cyber resilience is emphasised by a number of new legislative proposals and wider developments, such as technical requirements for IT security as part of the implementation of the EU NIS 2 Directive. More and more companies will be forced to assess their existing IT security measures and to adapt their cybersecurity strategies as legal requirements expand their scope. EU NIS 2 Directive, for example, expands requirements beyond the traditional critical national infrastructure companies.