Mitigate Your Cyber Risk With New Guidance From OSFI

Canadian financial institutions maintain highly sensitive personal and other information and are experiencing an increase in sophisticated cyberattacks. Recent guidance from the Office of the Superintendent of Financial Intuitions (OSFI) provides helpful insights to financial institutions on mitigating cyber risks and reporting cyber incidents.

New Advisory and Tools for Organizations within the Financial Sector

To help address the elevated threat of cyberattacks and their impact on businesses and the financial sector, OSFI has released updated documents including a Cyber Security Self-Assessment tool and Incident Reporting Advisory.

The assessment tool allows financial institutions to assess their level of cyber preparedness in order to develop and maintain effective cybersecurity practices, while the advisory provides a set of steps to be taken in the event of cybersecurity incidents. Despite being directed toward federally regulated financial institutions,