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ARTICLE · 26 APRIL 2019

Cyber Breaches: OSFI Demands The Details

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On January 24, 2019, the Office of the Superintendent of Financial Institutions (OSFI) issued a new advisory on Technology and Cyber Security Incident Reporting (the Advisory).

CanadaTechnology
Brian Reeve
Brian Reeve
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Laurie LaPalme
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Bernice Karn
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Marisa Coggin
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Katie-May O'Donnell
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On January 24, 2019, the Office of the Superintendent of Financial Institutions (OSFI) issued a new advisory on Technology and Cyber Security Incident Reporting (the Advisory). The purpose of the Advisory is to set out the obligations for Federally Regulated Financial Institutions (FRFIs) to report technology and cyber security incidents to OSFI. The Advisory came into effect on March 31, 2019.

Prior to the introduction of the Advisory, OSFI released the Cyber Security Assessment Guideline for FRFIs in late 2013, which allowed FRFIs to assess their level of preparedness and to assist in the implementation of useful cybersecurity practices. The completion of the Cyber Security Assessment was not made a mandatory requirement by OSFI. The Advisory is intended to complement the Cyber Security Assessment Guideline.

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