OSFI Releases Cyber Security Self-Assessment Guidance

On October 28, OSFI released its Cyber Security Self-Assessment Guidance (the "Guidance") to aid Federally Regulated Financial Institutions ("FRFI") in assessing its level of preparedness against cyber risks. The Guidance was drafted in response to OSFI's Plans and Priorities for 2013-2016, a plan that emphasizes vigilance against the increasing frequency and sophistication of cyber threats.

Cyber Security Self-Assessment Template

The Guidance directs FRFIs to conduct self-assessments against a number of criteria in the following six categories:

1. Organizational Resources. e.g. Whether the FRFI has assigned specific roles and responsibility for the management of cyber security.