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ARTICLE · 18 NOVEMBER 2021

Consultation On New OSFI Guideline B-13 On Technology And Cyber Risk Management

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

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On November 9, 2021, the Office of the Superintendent of Financial Institutions (OSFI) launched a three-month public consultation on a new Draft Guideline B‑13: Technology and Cyber Risk Management (Draft Guideline).

CanadaTechnology
Vladimir Shatiryan
Vladimir Shatiryan
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On November 9, 2021, the Office of the Superintendent of Financial Institutions (OSFI) launched a three-month public consultation on a new Draft Guideline B-13: Technology and Cyber Risk Management (Draft Guideline). The publication of the new Draft Guideline follows OSFI's consultation on technology risks in the financial sector that was launched in September 2020 (see our Blakes Bulletin: Technology Risks and Resilience in the Financial Sector: OSFI Issues Digital Risks Discussion Paper.) OSFI issued a summary of the feedback received from this earlier consultation in May 2021, which is also addressed in the Draft Guideline and related OSFI letter.

The Draft Guideline will apply to all federally regulated financial institutions (FRFIs), including banks, insurers, and trust and loan companies. No exceptions are identified for Canadian branches of authorized foreign banks and foreign insurers, although OSFI notes that FRFIs are to implement the Draft

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