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ARTICLE · 31 AUGUST 2021

OSFI Cybersecurity Guidance And Notification Requirements

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OSFI, the Canadian Federal Office of the Superintendent of Financial Institutions, on August 13, 2021, issued new guidance on Technology and Cyber Security Incident Reporting, replacing prior guidance of March 2019.

CanadaTechnology
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Bennett Jones LLP
Ruth Promislow
Ruth Promislow
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OSFI, the Canadian Federal Office of the Superintendent of Financial Institutions, on August 13, 2021, issued new guidance on Technology and Cyber Security Incident Reporting, replacing prior guidance of March 2019.

The new guidance steps up and clarifies reporting requirements by Federally Regulated Financial Institutions (FRFI's) in the event of technology or cybersecurity incidents which affect their operations. Federally Regulated Financial Institutions includes, for example: banks, federally incorporated or registered trust and loan companies, insurance companies and pension plans subject to federal oversight. It does not otherwise include guidance on OSFI's expectations for incident response management. Simultaneously, OSFI published a self-assessment memo for use by FRFI's dealing with preparedness, updating prior guidance from 2013.

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