Over the last number of years cyber breaches have occurred with unfortunate regularity throughout the world. Statistics abound as to the frequency of cyber attacks on organizations, and of those intrusions, ransomware attacks are becoming more and more prevalent. According to a 2020 report by the Canadian Centre for Cyber Security,1 Canada “often ranks among the top countries impacted by ransomware” and “it is almost certain that a majority of ransomware attacks against Canadian victims are unreported to authorities.” The report goes on to say that, over the prior two years, ransomware attacks have impacted hundreds of Canadian businesses and critical infrastructure providers, including hospitals, police departments and various levels of government. This trend towards the deployment of ransomware on unsuspecting organizations has evolved towards attacking high value targets, and this has not gone unnoticed by the Office of the Superintendent of Financial Institutions (OSFI).
OSFI has identified cyber security as a key risk that is increasing as FRFIs continue to rely on technology. The updated Advisory supports a coordinated and integrated response to technology and…
