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Canadian IIROC-regulated investment firms are now required to report cyber security incidents

The Investment Industry Regulatory Organization of Canada (IIROC) has published amendments to its Rule Book, requiring mandatory reporting of cyber security incidents by all IIROC-regulated firms.

Effective immediately, investment firms will have to report to IIROC cybersecurity incidents that they have encountered, in two stages:

  • Within three days, firms must provide a preliminary description of the incident and steps taken;
  • Within 30 days, firms must provide a detailed investigation report, outlining the cause and scope of the issue, and steps taken to mitigate the risk of harm to investors and to the firm.

The new reporting requirements will enable IIROC to better support firms experiencing an incident and to alert other firms to known issues and potential risks.

"Mandatory reporting of cybersecurity incidents will allow IIROC to analyze the information received for any trends, insights or intelligence," says Irene Winel, IIROC’s Senior Vice-President, Member Regulation & Strategy. "This reporting will help us to improve the industry's cyber security preparedness and protect the integrity of Canada's capital markets."

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