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On 9 November 2021, the Canadian Office of the Superintendent of Financial Institutions (OSFI) released and opened a consultation on its draft Guideline B-13 on Technology and Cyber Risk Management until 9 February 2022. The draft Guideline sets out the applicable technology and cyber risk management expectations for all financial institutions subject to OSFI oversight. The Guidance addresses best practices across five distinct domains of governance and risk management, technology operations, cybersecurity, outsourcing and third-party technology, and technology resilience. The draft is based on the results of a previous consultation from September to December 2020 on OSFI's discussion paper titled “Developing Financial Sector Resilience in a Digital World”.
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