Canadian securities administrators publish summary of the roundtable on response to cyber security incidents

MONTRÉAL, April 6, 2017 /CNW Telbec/ - 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.

For more information:

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 C. 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

SOURCE Autorité des marchés financiers

For further information: 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 C. 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

Related Links

www.lautorite.qc.ca