Cybersecurity: Be Aware, Prepare And Declare

The Canadian Securities Administrators (CSA) have published a new staff notice to promote cybersecurity awareness, preparedness and resilience in Canadian capital markets and to encourage better disclosure by issuers.

The CSA first published a notice on cybersecurity in 2013, reminding issuers and registrants of the importance of putting into place strong security measures to safeguard themselves and their clients. Issuers were also advised to consider whether and to what extent cybercrime risks, incidents and controls to address such risks should be disclosed in a prospectus or a continuous disclosure filing.

In its new notice, the CSA advises that it considers cybersecurity a priority and expects issuers and registrants to take steps to protect themselves against cyber threats.