CSA pushes for online security improvements

The CSA has published Staff Notice 11-332 Cyber Security to promote cyber-security awareness, preparedness and resilience in Canadian capital markets.

The online security landscape has evolved considerably in recent years, as cyber attacks have become more frequent, complex and costly for organizations. As a result, the CSA is working to promote awareness, preparedness and resilience, including examining how to improve collaboration and communication with market participants on these issues.

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“We have identified cyber security as a priority in the CSA 2016-2019 Business Plan,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers. “It is crucial for us to improve collaboration and communication on cyber-security issues with market participants. We want to ensure they are aware of the challenges, have a sufficient level of preparedness, and are as resilient as possible against cyber risks.”

CSA members intend to re-examine the disclosure of some of the larger issuers in the coming months. CSA expects to publish findings and recommendations from those reviews.

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The CSA also intends to hold roundtable sessions with market participants to discuss online security issues and risks, and the need for coordination and information sharing.

This Notice updates Staff Notice 11-326 Cyber Security, published September 26, 2013, which called attention to the challenges of cyber-crime and the need for market participants to take appropriate protective measures to safeguard themselves and their clients or stakeholders.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.