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ARTICLE · 27 JULY 2022

OSFI Adds To Its Existing Technology And Cyber Risk Requirements With Guideline B-13

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On July 13, 2022, the Office of the Superintendent of Financial Institutions ("OSFI") issued its final Guideline B-13 – Technology and Cyber Risk Management ("Guideline B-13").[1] Guideline B-13...

CanadaFinance and Banking
Darcy Ammerman
Darcy Ammerman
Robbie Grant
Robbie Grant
ZiJian Yang
ZiJian Yang
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On July 13, 2022, the Office of the Superintendent of Financial Institutions ("OSFI") issued its final Guideline B-13 – Technology and Cyber Risk Management ("Guideline B-13").1 Guideline B-13 is intended to help federally regulated financial institutions ("FRFIs") develop greater resilience to technology and cyber risks, and is in addition to OSFI's Technology and Cyber Security Incident Reporting Advisory2 (requiring, inter alia, notification to the FRFI's Lead Supervisor and OSFI's Technology Risk Division in writing of any reportable technology and cyber security incidents within 24 hours or sooner) and Cyber Security Self-Assessment3 (used to assess an FRFI's level of cyber security preparedness), both issued in August of 2021.

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