Expectations For Cyber Security Risk Disclosure Published By CSA

The results of the Canadian Securities Administrators' (CSA) review of the cyber security risk disclosure of S&P/TSX Composite issuers were recently reported by the the Autorité des marchés financiers, the Ontario Securities Commission and the British Columbia Securities Commission in CSA Multilateral Staff Notice 51-347 (the Notice). Focused particularly on risk factor disclosure and disclosure of cyber security incidents, the CSA's review follows last year's publication of CSA Staff Notice 11-332 Cyber Security, which reiterated that cybersecurity would continue to be one of the CSA's priorities through 2019.

Risk Factor Disclosure

With respect to risk factor disclosure, the CSA focused on three topics: