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ARTICLE · 29 NOVEMBER 2021

Setting New Standards For Cyber Resilience: OSFI's Draft Guideline On Technology And Cyber Risk Management

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On November 9, 2021, OSFI published Draft Guideline B-13: Technology and Cyber Risk Management, which outlines OSFI's expectations for federally regulated financial institutions regarding technology and cyber risk management.

CanadaFinance and Banking
Koker Christensen
Koker Christensen
Alex Cameron
Alex Cameron
Christopher Ferguson
Christopher Ferguson
Justin P’Ng
Justin P’Ng
Jasmeen Kabuli
Jasmeen Kabuli
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On November 9, 2021, the Office of the Superintendent of Financial Institutions Canada (OSFI) published Draft Guideline B-13: Technology and Cyber Risk Management ("Draft Guideline"), which outlines OSFI's expectations for federally regulated financial institutions (FRFIs) regarding technology and cyber risk management. The Draft Guideline would apply to all FRFIs, including banks and insurance companies, with the stated objective of helping FRFIs develop "greater resilience to technology and cyber risks". Effective November 9, 2021, OSFI is also conducting a three-month public consultation on the Draft Guideline to engage stakeholders in its development and is inviting public comments until February 9, 2022.

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