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ARTICLE · 22 NOVEMBER 2013

OSFI Releases Cyber Security Self-Assessment Memorandum And Guidance

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On October 28, 2013 the Office of the Superintendent of Financial Institutions Canada ("OSFI") released a memorandum and self-assessment guideline for Federally Regulated Financial Institutions ("FRFIs") to assist with assessing, developing, and maintaining effective cyber security practices.

CanadaFinance and Banking
Pat Forgione
Pat Forgione
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On October 28, 2013 the Office of the Superintendent of Financial Institutions Canada ("OSFI") released a memorandum and self-assessment guideline for Federally Regulated Financial Institutions ("FRFIs") to assist with assessing, developing, and maintaining effective cyber security practices.1 OSFI expects senior management of FRFIs to review cyber risk management policies to ensure they remain effective in light of changing circumstances and risks.

OSFI cites the increased frequency and sophistication of recent cyber-attacks, the increasing reliance on technology, the interconnectedness of the financial sector and the critical role that FRFIs play in the economy as reasons why FRFIs are expected to have an appropriate and effective cyber management policy.

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