Navigating the New Era of Regulations
Canada is demanding its banks strengthen their cybersecurity.
In response to what they are calling, “an environment that has created an urgency for enhanced regulatory guidance,” The Office of the Superintendent of Financial Institutions (OSFI) is taking decisive action to enhance cybersecurity within the banking and finance sector.
The new directives, which take effect January 1, 2024, require Federally Regulated Financial Institutions (FRFIs) to improve their cyber risk management from.
In this blog, we delve into the upcoming changes to Canada’s cybersecurity policy, explore the motives behind these guidelines, and discuss the key elements of the recently introduced Guideline B-13. We will also tell CISOs what they need to know about OSFI’s newly released Intelligence-Led Cyber Resilience Testing (I-CRT) framework.
The Urgency for Enhanced Canadian Cybersecurity
The need for improved cybersecurity practices in the Canadian financial sector is underscored by several high-profile cyber-attacks. In 2018, Bank of Montreal (BMO) experienced one of the largest financial breaches in the country’s history. In two…
