January 24, 2019

OSFI issued an advisory on the Technology and Cyber Security Incident Reporting. The advisory sets out the OSFI expectations for federally regulated financial institutions (FRFIs) with respect to the reporting of technology and cyber security incidents affecting FRFI operations. The advisory describes characteristics of incidents that should be reported to OSFI, in addition to the initial notification and subsequent reporting requirements. The advisory comes into effect on March 31, 2019.

In the meantime, FRFIs are expected to continue reporting any major incidents according to previous instructions communicated by their Lead Supervisors. Effective March 31, 2019, this Advisory supersedes any prior instructions for technology and cyber security incident reporting. For the purpose of this Advisory, a technology or cyber security incident is defined to have the potential to, or has been assessed to, materially impact the normal operations of a FRFI, including confidentiality, integrity, or availability of its systems and information. Technology or Cyber Security Incidents assessed by a FRFI to be of a high or critical severity level should be reported to OSFI. FRFIs include banks, trust companies, loan companies, life insurance companies, fraternal benefit societies, and property and casualty insurance companies.

 

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Effective Date: March 31, 2019

Keywords: Americas, Canada, Banking, Insurance, Cyber Risk, Incident Reporting, Advisory, Regtech, OSFI

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