Canada's banking regulator schools firms on cyber security

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Canada's banking regulator has issued a set of cyber security guidelines for financial institutions, warning that banks must be on the lookout for online fraudsters.

The Office Superintendent Of Financial Institutions (OSFI) published a set of guidelines for cyber security self-assessment. Directly targeting federally regulated financial institutions, the guidelines will be voluntary for the time being, it said.

"OSFI does not currently plan to establish specific guidance for the control and management of cyber risk," said Deputy Superintendent Mark Zelmer in a letter to financial firms. "OSFI may request institutions to complete the template or otherwise emphasize cyber security practices during future supervisory assessments.”

Some 23 percent of Canadian financial situations experienced privacy-related breaches in the last year, according to Deloitte's 2012 Global Financial Services Industry Security Survey. It was the only region, other than Japan, where less than half of respondents reported an increase in their information security budget.

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