OSFI releases new framework to strengthen financial institutions’ resilience to cyber-attacks

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Apr 21, 2023

On April 21, 2023, the Office of the Superintendent of Financial Institutions (OSFI) released a framework to help identify areas where the financial sector could be vulnerable to sophisticated cyber-attack. The Intelligence Led Cyber Resilience Testing (I-CRT) framework outlines a methodology and serves as an implementation guide for federally regulated financial institutions (FRFIs) conducting I-CRT assessments.

Under the I-CRT framework, OSFI provides guidance and oversight throughout the assessment, while FRFIs manage overall testing. Consistent with OSFI’s Guideline B-13 – Technology and Cyber Risk Management, OSFI expects FRFIs to have measures in place that create resilience against cyber attacks and disruptions. The I-CRT framework is a supervisory tool that supplements Guideline B-13 with I-CRT assessments that allow FRFIs to proactively identify and address issues with their cyber resilience.

The I-CRT framework currently applies to Canada’s systemically important banks (SIBs) and internationally active insurance groups (IAIGs). OSFI recommends that these institutions conduct an I-CRT assessment at least once during each three-year supervisory cycle, beginning in 2023.

Re­view  the press re­lease and the Framework  on OSFI's Web site.

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