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On 13 July 2022, the Canadian Office of the Superintendent of Financial Institutions (OSFI) released its final Guideline B-13 on Technology and Cyber Risk Management in the financial sector. The document sets out OSFI’s guidelines for how federally-regulated financial institutions should manage technology and cybersecurity, including risks such as data breaches. The Guideline outlines three main areas for risk management, namely Governance and Risk Management, Technology Operations and Resilience, and Cyber Security. Guideline B-13 will be effective on 1 January 2024 in order to provide financial institutions with sufficient time to ensure compliance.
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