Bancolombia deberá pagar 500 millones de pesos de multa por afectar a sus usuarios, tras caídas en su sistema

TL;DR

Bancolombia was fined COP 500 million by the SFC for digital service interruptions on June 3-5, 2024.
The SFC cited violations of fair treatment, due diligence, and timely information principles.
Bancolombia did not adequately guarantee service continuity or minimize the impact of the failure.
The bank's argument of programmed maintenance was deemed insufficient, as contingency plans were inadequate.
The outages prevented millions of users from accessing digital services, impacting transactions and financial obligations.
Bancolombia mentioned technical issues during maintenance and involvement of third parties like IBM and Kyndryl.
The SFC stated that alternative channels like ATMs and correspondents were not sufficient.
The fine must be paid to the National Treasury, with interest accruing if payment is delayed.

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