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ARTICLE · 02 NOVEMBER 2015

Cybersecurity 2.0: What's Expected Of Federally Regulated Financial Institutions

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

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Like the Self-Assessment, the principles-based nature of the Draft Guideline aims to promote standards without prescribing how they are to be achieved.

CanadaFinance and Banking
Victoria Allsopp
Victoria Allsopp
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As federally regulated financial institutions (FRFIs) expand their reliance on technology, employ progressively complicated and interconnected networks and systems, increase their electronic service offerings and collaborate with technology service providers, cybersecurity has become a constant source of concern for FRFIs, as well as their regulators. To safeguard against the potentially far-reaching damage a breach of cybersecurity could inflict upon Canada's financial sector, the Office of the Superintendent of Financial Institutions (OSFI) has gradually incorporated cybersecurity into its ongoing supervision of risk, often by relying on FRFIs to take the initiative with limited regulator guidance.

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