Canada's banking regulator schools firms on cyber security

Share this article:

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.

Share this article:

THE LATEST ISSUE

Features

Archive of SC Magazine Canada

SC Magazine Canada

THE LATEST ISSUE

Features

Archive of SC Magazine Canada

SC Magazine Canada

More in SC Canada

Health law needs reform, says provincial privacy watchdog

The Albertan Information and Privacy Commissioner has formally asked the government to amend the province's Health Information Act with mandatory breach reporting and notification measures.

Well.ca security not that well, letter reveals

Well.ca, an online store selling health and beauty products, exposed names, addresses and credit card details for some of its customers in December, it admitted last month.

Canada signs Wedge Networks to secure government data centers

The Canadian government has hired Wedge Networks, a provider of cloud-based security services, to secure its computing infrastructure.