Canadian securities regulators release review of registered firms' cyber security and social media practices

TORONTO, Oct. 19, 2017 /CNW Telbec/ - The Canadian Securities Administrators (CSA) today published CSA Staff Notice 33-321 Cyber Security and Social Media, which summarizes survey results of registered firms' cyber security and social media practices, in addition to providing guidance to firms in these areas.

The survey found that more than half (51 per cent) of firms experienced a cyber security incident in 2016. Common incidents reported included phishing (43 per cent), malware incidents (18 per cent) and fraudulent email attempts to transfer funds or securities (15 per cent).

"Preparation is key to mitigating cyber security threats," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "We encourage all firms to perform comprehensive risk assessments, and evaluate the strength of existing policies, employee training programs and response plans as they relate to vulnerabilities in these areas."

The notice summarizes results from a survey on the cyber security and social media practices of 649 registered firms, which include investment fund managers, portfolio managers and exempt market dealers. Questions were structured to gather relevant information on cyber security policies and plans, social media practices, third-party vendors and the frequency of risk assessments.

Registered firms should continue to implement clear cyber security and social media policies and procedures. CSA staff will maintain efforts to review the cyber security and social media practices of firms through compliance reviews.

The notice can be found on CSA members' websites.

The CSA, the council of securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. 

For more information:
Kristen Rose	Hilary McMeekin
Ontario Securities Commission	Alberta Securities Commission
416-593-2336	403-592-8186
Alison Walker	Sylvain Théberge
British Columbia Securities Commission	Autorité des marchés financiers
604-899-6713	514-940-2176
Jason (Jay) Booth	Andrew Nicholson
Manitoba Securities Commission	Financial and Consumer Services
204-945-1660	Commission, New Brunswick
	506-658-3021
David Harrison	Steve Dowling
Nova Scotia Securities Commission	Government of Prince Edward Island,
902-424-8586	Superintendent of Securities
	902-368-6288
John O'Brien	Rhonda Horte
Office of the Superintendent of Securities	Office of the Yukon Superintendent of
Newfoundland and Labrador	Securities
709-729-4909	867-667-5466
Jeff Mason	Tom Hall
Nunavut Securities Office	Office of the Superintendent of Securities
867-975-6591	Northwest Territories
	867-767-9305
Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160

SOURCE Autorité des marchés financiers

Kristen Rose, Ontario Securities Commission, 416-593-2336; Hilary McMeekin, Alberta Securities Commission, 403-592-8186; Alison Walker, British Columbia Securities Commission, 604-899-6713; Sylvain Théberge, Autorité des marchés financiers, 514-940-2176; 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; Steve Dowling, Government of Prince Edward Island, Superintendent of Securities, 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, 867-975-6591; Tom Hall, Office 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