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ARTICLE · 07 MARCH 2017

Cybersecurity: Regulatory Risks For Canadian Issuers

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In the United States, the Securities Exchange Commission (SEC) has taken an active role in regulating cybersecurity issues.

CanadaTechnology
Ruth Promislow
Ruth Promislow
Matthew Macdonald
Matthew Macdonald
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In the United States, the Securities Exchange Commission (SEC) has taken an active role in regulating cybersecurity issues. Canadian issuers should be aware that the risk of regulatory enforcement may be coming to Canada.

Recently, the Canadian Securities Administrators (CSA) stated that they "expect Market Participants to take steps to protect themselves against cyber threats." Specific expectations include the following:

  • CSA members expect issuers to provide risk disclosure that is as detailed and entity specific as possible. Issuers should address in any cyberattack remediation plan how materiality of an attack would be assessed to determine whether and what, as well as when and how, to disclose in the event of an attack.

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