Setting New Standards for Cyber Resilience: OSFI's Draft Guideline
Fasken Martineau | 11/22/2021On November 9, 2021, the Office of the Superintendent of Financial Institutions Canada (OSFI) published Draft Guideline B-13: Technology and Cyber Risk Management r? ("Draft Guideline"), which outlines OSFl's expectations for federally regulated financial institutions (FRFls) regarding technology and cyber risk management. The Draft Guideline would apply to all FRFls, including banks and insurance companies, with the stated objective of helping FRFls develop "greater resilience to technology and cyber risks''. Effective November 9, 2021, OSFI is also conducting a three-month public consultation r? on the Draft Guideline to engage stakeholders in its development and is inviting public comments until February 9, 2022.
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