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ARTICLE · 03 OCTOBER 2022

Cybersecurity For Canada's Financial Institutions

Miller Thomson
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In the Office of the Superintendent of Financial Institution's (OSFI) first Annual Risk outlook for Fiscal Year 2022-2023, the OSFI identifies the most material risks which face federally...

CanadaTechnology
Domenic Presta
Domenic Presta
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In the Office of the Superintendent of Financial Institution's (OSFI) first Annual Risk outlook for Fiscal Year 2022-2023, the OSFI identifies the most material risks which face federally regulated financial institutions (FRFIs). Among the financial risks that the OSFI identifies as most pressing is a significant cybersecurity incident or cyberattack. This focus has been intensified by the recent Russia-Ukraine conflict, which has brought into stark relief the fact that cyber risks can occur on a global level due to how highly interconnected the global financial system and associated technology infrastructures actually are. The current global context highlights the very real threats posed by this and other conflicts to financial and other international institutions.

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