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Ecuador: Draft law on cybersecurity introduced

The National Assembly of the Republic of Ecuador ('the National Assembly') announced, on 19 October 2021, that Assemblyman Rodrigo Fajardo introduced the draft Law on Digital Security, Cybersecurity, Cyberdefence and Cyberintelligence. In particular, Fajardo noted that the draft law creates a cybersecurity subsystem, which will be made up of the Ministries of Government and Telecommunications, as well as the National Police. In addition, Fajardo also outlined that the draft law foresees the creation of undercover agents in the network to investigate, prevent, and mitigate incidents that affect computer security.

Moreover, Fajardo stated that "the work we have done prior to the presentation of this bill, has been to monitor the entities that suffered cyber attacks such as [National Telecommunications Corporation] and [National Transit Agency], so I presented a resolution in the Sovereignty Commission, to ask the President of the Republic, to make the necessary efforts to ratify the Budapest Convention, which is the only one on cybersecurity at the international level".  Futhermore, Fajardo indicated that in terms of cybersecurity, the draft law would grant new powers to the Superintendency of Banks and the Financial Policy and Regulation Board, with two reforms to the Monetary and Financial Code, to establish a framework of powers to prevent and eradicate cybercrime in financial systems and secure citizens' money.

You can read the press release, only avaliable in Spanish, here.