Cybersecurity Cooperation And Canadian Law Firms

Canadian law firms have been closely watching the cybersecurity collaboration developments between the financial industry and law firms happening south of the border. The push for law firms to provide greater levels of cybersecurity assurances to financial institutions has been driven to a large degree by the US Treasury Department, which has identified law firms for specific scrutiny. These developments have  led Canadian financial institutions and the Office of the Superintendent of Financial Institutions (OSFI) to closely follow what is happening in the US and begin making similar moves regarding cybersecurity in Canada.

Collaboration amongst Bay Street law firms in Canada already occurs today, in large part through regular informal meetings that CIOs and security leads hold in order to discuss various topics, including cybersecurity. Currently, however, there is no formal cybersecurity information sharing or collaboration, although  discussions about setting up