Cyber Threats And Social Media Pose Growing Risks For Registered Firms

The Canadian Securities Administrators ("CSA") published the results of the CSA's survey of cybersecurity and social media practices of registered firms dealing in securities and guidelines on how to minimize the risks posed by cyber threats and social media.

Fifty-one percent of firms surveyed had experienced a cybersecurity incident in 2016.

Addressing the risks posed by cyber threats and the use of social media is a requirement under Section 11.1 of National Instrument 31-103, which mandates that registered firms: "establish, maintain and apply policies and procedures that establish a system of controls and supervision sufficient to (a) provide reasonable assurance that the firm and each individual acting on its behalf complies with securities legislation, and (b) manage the risks associated with its business in accordance with prudent business practices."