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As the financial services industry has become increasingly dependent on technology to interface with clients, the issue of information protection and defense against cybercrime is more critical than ever. The recently released CSA Staff Notice 11-332: Cyber Security shows the regulator’s acknowledgment of this reality.
“We have identified cybersecurity 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 cybersecurity 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.”
Over the coming months, CSA members are aiming to re-examine disclosures from some of the larger issuers in relation to this issues. Findings and recommendations that the CSA would derive from the reviews are expected to be published afterwards.
The CSA also aims to engage market participants in roundtables in the coming months to discuss issues and threats in cybersecurity, along with the need for coordination and information sharing.
The notice is an update to one published on Sept. 26, 2013, which called attention to challenges presented by cybercrime and called on market participants to adopt appropriate measures to protect themselves and their clients or stakeholders.
Let us know below if you’ve been impacted by cybercrime and whether you think the regulating bodies are doing enough.