New OSFI Regulations on Technology and Cyber Risk Management effective January 2024

In July 2022, the Office of the Superintendent of Financial Institutions (OSFI), Canada’ Financial Regulator, issued its final Guideline, B–13 – Technology and Cyber Risk Management, for managing Technology and Cyber risk in federally regulated financial institutions (FRFIs). The Guideline is effective 01 January 2024 and requires FRFIs to adopt and implement prudent governance and oversight practices in Technology and Cybersecurity, covering three Domains:

1. Governance and Risk Management.

2. Technology Operations and Resilience.

3. Cybersecurity.

With the Effective Date of 01 January 2024 just around the corner, the need for FRFIs to comply with the Guideline is heightened.

The Guideline, while primarily directed towards Canadian FRFIs, can also be applied in other organizations, as its approach is risk–based, and it can be tailored to suit individual contexts.

At ResilienceNow, we take pride in helping Companies adopt appropriate and adequate Cybersecurity and Business Resilience Frameworks and implement practical and workable solutions to meet Regulatory requirements such as the OSFI B–13. Our endeavours are to support Companies achieve robust control environments over their Cybersecurity and Business Resilience, and implement solutions that are sufficient for their needs. To us, "Appropriate" and "Adequate" are non–negotiable.

Just drop a Note to us for a free consultation. You will be glad you did.