Cyber Risk Management – Regulatory Guidance From The Canadian Securities Administrators

On September 27, 2016, the Canadian Securities Administrators published an updated cyber security notice for financial market participants. The notice emphasizes the need for financial market participants to follow guidance issued by regulatory authorities and standard-setting bodies to proactively manage cyber risks and prepare for cybersecurity incidents. The notice provides important guidance that is useful for all organizations.

CYBER RISKS

Cyber risks are the risks of loss and liability (e.g. business disruption, financial loss, loss to stakeholder value, reputational harm, trade secret disclosure and other competitive harm, legal noncompliance liability and civil liability to customers, business partners and other persons) to an organization resulting from a failure or breach of the information technology systems used by or on behalf of the organization, including incidents resulting in unauthorized access, use or disclosure of regulated, protected