BRASILIA (Reuters) -Brazil's central bank on Friday announced new measures approved by its board to strengthen the security of the country's financial system, following recent cyberattacks on financial institutions.
Effective immediately, payment institutions not authorized by the central bank and connected to the National Financial System Network via IT service providers will face a 15,000 reais ($2,766.92) cap on digital cash transfers.
Central bank governor Gabriel Galipolo said the cap was set because 99% of corporate transactions via the Pix instant payment system or TED bank transfers fall below that threshold.
By limiting the transfer amount, you force attackers to carry out a larger number of operations, Galipolo told reporters at a press conference, adding that cyberattacks typically involve large, one-off transactions.
He said the measures target organized crime, not financial institutions.
Under the new rules, no payment institution will be allowed to operate without prior authorization from the central bank. The deadline for unauthorized firms to apply for a license has also been moved up to May 2026 from December 2029.
($1 = 5.4212 reais)
(Reporting by Marcela Ayres; Editing by Aida Pelaez-Fernandez and Natalia Siniawski)
