For Immediate ReleaseApril 6, 2017
Montréal – The Canadian Securities Administrators (CSA) today published CSA Staff Notice 11-336 Summary of CSA Roundtable on Response to Cyber Security Incidents, which provides an overview of the themes discussed and some of the key takeaways.
The CSA hosted a roundtable on February 27, 2017 to explore cyber security issues and opportunities for greater collaboration, communication and coordination in the event of a large-scale cyber security incident. Roundtable participants represented a cross-section of Canadian securities market stakeholders – including marketplaces, clearing agencies, registrants, reporting issuers, regulatory authorities, and cyber security experts – reflecting diverse roles and views.
“Our discussions highlighted the interconnected nature of the Canadian securities markets ecosystem,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “There was a clear agreement on the importance of cooperation and information sharing in responding to a cyber security incident and reducing the risk of contagion.”
In the view of roundtable participants, cyber security incidents can potentially have far-reaching implications beyond the immediate organizations that are affected, especially if core systems are impacted.
Participants focused on the importance of robust Incident Response Plans (IRPs) for entities, including entities that may be indirectly affected by a cyber incident. Participants indicated that IRPs are generally quite detailed and complete in relation to internal procedures in the event of an incident, but should also address coordination and information sharing with other stakeholders, particularly in the context of a market-wide incident.
Cyber security was identified as a priority area in the CSA 2016-2019 Business Plan. CSA members will continue to collaborate with market participants, other regulators and stakeholders to enhance cyber security preparedness and will work towards a more formal coordination process beyond the existing processes that are in place.
The notice can be found on CSA members’ websites.
The CSA, the council of securities regulators of Canada’s provinces and territories, coordinate and harmonize regulation for the Canadian capital markets.
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Nicole Tuncay Alberta Securities Commission 403-297-4008
Alison Walker British Columbia Securities Commission 604-899-6713
Kristen Rose Ontario Securities Commission 416-593-2336
Jason (Jay) Booth Manitoba Securities Commission 204-945-1660
Andrew Nicholson Financial and Consumer Services Commission, New Brunswick 506-658-3021
David Harrison Nova Scotia Securities Commission 902-424-8586
Janice Callbeck Office of the Superintendent of Securities, P.E.I. 902-368-6288
John O’Brien Office of the Superintendent of Securities Newfoundland and Labrador 709-729-4909
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Jeff Mason Nunavut Securities Office 867-975-6591
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
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