Regulators Weigh In On Cybersecurity

The Canadian Securities Administrators (CSA) has published Staff Notice 11-332 on cybersecurity, building on Staff Notice 11-326 which was issued in 2013. The latest notice informs issuers, registrants and marketplaces of CSA's existing initiatives, lists existing cybersecurity standards from a variety of sources and sets general cybersecurity expectations. The notice reminds market participants that "with advancing technology, cyber adversaries are becoming more sophisticated and the potential for damage is ever increasing." Along with recent high-profile hacking incidents, these trends are generating regulatory responses globally. The CSA has made cybersecurity a priority in its 2016-2019 business plan. The main points from the staff notice are set out below.