Earlier this year, we
reported on continuing efforts by the Canadian Securities
Administrators (the CSA) to inform the market
about cyber security best practices with the publication of Multilateral Staff Notice 51-347 which
concerned the disclosure of cyber security, attacks, and risks.
The CSA's efforts continue with CSA Staff Notice 33-321 (the Staff
Notice) as the CSA turns its attention to firms'
social media practices.
Eat your vegetables, floss every day, and mind your cyber
security
In coordination with regulators worldwide, the CSA continues to
press for firms to treat cyber security as a key part of its
ordinary business practices. The CSA has identified cyber security
as a priority area in its 2016-2019 Business Plan, and has taken a
variety of initiatives to educate the market about the growing
frequency, magnitude and complexity of cyber attacks. Suck attacks
can range between receiving fraudulent invoices to co-ordinated
"ransomware" attacks.
