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ARTICLE · 16 SEPTEMBER 2021

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OSFI Updates Cybersecurity Breach Notification Requirements

Miller Thomson
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There have been significant changes to the reporting requirements such that reporting is likely to occur more promptly and with greater frequency where a cybersecurity incident transpires.

CanadaPrivacy
David Krebs
David Krebs
Domenic Presta
Domenic Presta
Amanda Cutinha
Amanda Cutinha
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The Office of the Superintendent of Financial Institutions ("OSFI") released a new Advisory on Technology and Cyber Security Incident Reporting, effective August 13, 2021 (the "Advisory") which seeks to govern how federally-regulated financial institutions ("FRFIs") should disclose and report technology and cybersecurity incidents. The Advisory replaces its January 2019 predecessor, on which we have previously commented. The requirements are in addition to any potential privacy breach reporting requirements that institutions may be subject to under the federal Personal Information Protection & Electronic Documents Act ("PIPEDA") or provincial privacy legislation such as Alberta's Personal Information Protection Act.

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