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.
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Jason (Jay) Booth
David C. Harrison