This week, the information and technology systems of Colombia's largest bank, Bancolombia, had unprecedented glitches. 

 

These problems reached such a level that they were widely perceived by users, causing at least evident damage in the corporation's reputation. Furthermore, it appears the Bank is obliged to make agreements with its customers to assume the costs and legal actions are not ruled out (probably class actions).
 
This seems a shared responsibility between the Colombian financial system, which has been very interested in its "adventures" for expansion beyond the borders, and the Colombian regulator-supervisor, who does not seem to have understood the current importance of security for information systems.
 
The old and outdated circular 52 on technology safety is not enough. It is necessary that the system's technological infrastructure acquires truly international standards and institutions are required to maintain and constantly update their security policies with the organizational impacts needed. 
 
Last year's tremendous profits from the Colombian financial system allow the necessary investment!
 

PM Abogados has reiterated in several academic and professional forums on the particular need for infrastructure and sensitive sectors of the Colombian economy to strengthen the compliance obligations concerning information security and technology safety. 
 

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