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ARTICLE · 23 NOVEMBER 2021

OSFI Launches Consultation Process For Draft Guideline B-13: Technology And Cyber Risk Management

On November 9, 2021, the Office of the Superintendent of Financial Institutions Canada announced the launch of a three-month consultation process on proposed Draft Guideline B-13: Technology and Cyber Risk Management.

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On November 9, 2021, the Office of the Superintendent of Financial Institutions Canada (OSFI) announced the launch of a three-month consultation process on proposed Draft Guideline B-13: Technology and Cyber Risk Management (Guideline B-13). OSFI stated that the development of Guideline B-13 responds to feedback received from its discussion paper on technology and related risks entitled Developing financial sector resilience in a digital world published in the fall of 2020.

Guideline B-13 establishes OSFI's expectations related to technology and cyber risk management, which would apply to all federally regulated financial institutions (FRFIs). OSFI notes that Guideline B-13's aim is to support FRFIs in developing greater resilience to technology and cyber risks.

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