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ARTICLE · 24 FEBRUARY 2014

Financial Firewalls: OSFI Issues Cyber Security Self-Assessment Guidance

Aird & Berlis LLP
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On October 28, 2013, the Office of the Superintendent of Financial Institutions Canada issued a memorandum and cyber security self-assessment guidance for federally regulated financial institutions.

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On October 28, 2013, the Office of the Superintendent of Financial Institutions Canada ("OSFI") issued a memorandum and cyber security self-assessment guidance (the "Guidance") for federally regulated financial institutions ("FRFIs"). The Guidance was published in response to the increasing frequency and sophistication of FRFI cyber-attacks.

The Guidance provides six primary categories for self-assessment by FRFIs in respect of cyber security practices, each of which are subdivided into various evaluative criteria. Each FRFI must rate its level of cyber security preparedness on a scale of 1 to 4 for each of the criteria in the six categories, with "1" representing a criterion that has not been implemented and "4" representing a criterion that has been fully implemented across its enterprise. Generally, these six categories evaluate:

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