Fifty-one per cent of the Canadian Security Administrators’ (CSA) registered firms experienced a cyber security incident in 2016, found a CSA survey released Oct. 19. Incidents included phishing (43 per cent), malware incidents (18 per cent), and fraudulent email attempts to transfer funds or securities (15 per cent).
"Preparation is key to mitigating cyber-threats," said Louis Morisset, CSA chair and president and CEO of Quebec financial sector regulator, the Autorité des marchés financiers. "We encourage all firms to perform comprehensive risk assessments, and evaluate the strength of existing policies, employee training programs and response plans as they relate to vulnerabilities in these areas."
The survey’s results were published in the CSA Staff Notice 33-321 Cyber Security and Social Media. It details the cyber security and social media practices of 649 firms, including investment fund managers, portfolio managers, and exempt market dealers.