Summary
On January 19, 2017, the Canadian Securities Administrators
(CSA) published Multilateral Staff Notice 51-347 Disclosure of
cyber security risk and incidents (the "Staff
Notice") reporting on the CSA's review of cyber
security-related disclosure. The notice is part of a series of
initiatives being undertaken by Canadian securities regulators to
assist market participants in understanding, mitigating and
providing effective disclosure of potential cyber security
risks.
CSA Staff Review of Cyber Security Disclosure
Cyber security was identified as a priority area by the CSA in
their 2016-2019 Business Plan. In September 2016, the CSA published
Staff Notice 11-332 Cyber Security,
which noted that cyber attacks have become more frequent, complex
and costly for organizations. In that context, the CSA announced
that it would undertake a review of cyber security-related
disclosure by larger Canadian issuers. The CSA's review focused
on whether and how issuers
