Montreal: The Canadian Securities Administrators (CSA) published CSA Staff Notice 11-332, Cyber Security, on September 27 to promote cyber-security awareness, preparedness and resilience in Canadian capital markets.
The cyber-security landscape has evolved considerably in recent years, the agency says, as cyber attacks have become more frequent, complex and costly for organizations.
“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 findings and recommendations stemming from those reviews are anticipated to be published subsequently. The CSA also intends to hold roundtable sessions with market participants in the coming months to discuss cyber security issues and risks, and the need for coordination and information sharing.
CSA Staff Notice 11-332 can be found on CSA members’ websites. In Ontario, visit www.osc.gov.on.ca/en/SecuritiesLaw_irps_index.htm.