On January 24, 2019, the Office of the Superintendent of
Financial Institutions (OSFI) issued an Advisory setting out
OSFI's expectations for federally regulated financial
institutions regarding the prompt (within 72 hours) reporting of
"high or critical severity" technology and cybersecurity
incidents. The Advisory will be effective on March 31,
2019.
OSFI and Cybersecurity
OSFI is an independent Canadian federal government agency that
regulates and supervises federally regulated financial institutions
(FRFIs), including all banks in Canada and all federally
incorporated or registered trust and loan companies, insurance
companies, cooperative credit associations, fraternal benefit
societies and private pension plans subject to federal
oversight.
