News & Updates
OSFI publishes new guideline for technology and cyber risk management
August 03, 2022
The Office of the Superintendent of Financial Institutions (OSFI) has published a new guideline — Technology and Cyber Risk Management — which sets out OSFI’s expectations for how federally regulated financial institutions (FRFIs) should manage technology and cyber risks such as data breaches, technology outages and more.
The Guideline is organized into three domains:
- Governance and Risk Management — Sets OSFI’s expectations for the formal accountability, leadership, organizational structure and framework used to support risk management and oversight of technology and cyber security.
- Technology Operations and Resilience — Sets OSFI’s expectations for management and oversight of risks related to the design, implementation, management and recovery of technology assets and services.
- Cyber Security — Sets OSFI’s expectations for management and oversight of cyber risk.
The final Guideline B-13 comes into effect Jan. 1, 2024.
