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ARTICLE · 13 APRIL 2018

Reporting Cybersecurity Incidents To IIROC

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Dealers may soon have to report cybersecurity incidents to IIROC under rule changes proposed on April 5.

CanadaTechnology
Adam Armstrong
Adam Armstrong
Molly Reynolds
Molly Reynolds
Leslie McCallum
Leslie McCallum
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Dealers may soon have to report cybersecurity incidents to IIROC under rule changes proposed on April 5.1 Consistent with a heightened global focus on cybersecurity due to the increasing frequency and sophistication of cyber attacks, IIROC believes that information sharing is critical for mitigating cybersecurity risks and promoting the stability of the capital markets. Comments on the proposed rules are due by May 22.

Cybersecurity Incident Reporting

The rule changes would require dealers to submit two reports to IIROC.

  1. A preliminary report within three days of discovering a cybersecurity incident.

This would describe the incident, provide a preliminary assessment of the risk of harm or inconvenience and the impact on the dealer's operations, and explain the immediate mitigating steps that the dealer has taken.

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