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ARTICLE · 04 AUGUST 2026

Click Carefully: Canadian Securities Administrators Staff Notice On Cybersecurity Practices

Borden Ladner Gervais LLP
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The Canadian Securities Administrators has issued new guidance following a review of 73 registered firms' cybersecurity practices, emphasizing that cybersecurity is a core business risk requiring practical, documented and regularly refreshed controls. The guidance outlines five key expectations including right-sized policies, regular training, comprehensive risk assessments, meaningful vendor oversight, and tested incident response plans that align with a firm's size and complexity.

CanadaCorporate/Commercial Law
Eric S. Charleston
Eric S. Charleston
Kimberly Poster
Kimberly Poster
Melissa Ghislanzoni-Foster
Melissa Ghislanzoni-Foster
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The Canadian Securities Administrators (CSA) published Staff Notice 33-322 – Review of Registered Firms’ Cybersecurity Practices and Additional Guidance (theStaff Notice) on July 15, 2026, following a focused review of 73 registered firms’ cybersecurity practices. The message is not especially surprising: cybersecurity is a core business risk, and registered firms are expected to have practical, documented and regularly refreshed controls that fit their size, complexity and operations.

Practical takeaways

  • Right-size your cyber security program. Smaller and mid-sized firms may not need bank-sized machinery, but they do need to cover the key risks and be able to show their work.
  • Make cybersecurity part of the compliance calendar: policy review, training, risk assessment, vendor review, incident response testing and backup testing should all be on the list.

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