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ARTICLE · 14 JULY 2023

Federally Regulated Private Pension Plans: OSFI Draft Advisory On Technology And Cyber Security Incident Reporting

Goodmans LLP
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In April 2023, the Office of the Superintendent of Financial Institutions ("OSFI") identified cyber risk as a major issue to be addressed in its Annual Risk Outlook – Fiscal Year 2023-2024.

CanadaEmployment and HR
Francesca Guolo
Francesca Guolo
Peter Ruby
Peter Ruby
Bukola Adelusi
Bukola Adelusi
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In April 2023, the Office of the Superintendent of Financial Institutions ("OSFI") identified cyber risk as a major issue to be addressed in its Annual Risk Outlook – Fiscal Year 2023-2024. Consequently, OSFI recently released a draft advisory ("Draft Advisory") for technology and cyber security incidents that affect federally regulated private pension plans ("FRPPs").

The Draft Advisory sets out the responsibilities of FRPPs to address technology and cyber security incidents and OSFI's expectations with respect to reporting such incidents.

Scope of Technology and Cyber Security Incidents and Criteria For Reporting

The Draft Advisory defines a "technology or cyber security incident" as "an incident that has an impact, or the potential to have an impact, on the operations of an FRPP, including its confidentiality, integrity or the availability of its systems and information". In such incidents, OSFI requires the administrator of an FRPP to notify OSFI by filing

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