A bill first introduced to the Canadian Parliament in the spring of 2022 (Bill C-26) compelling companies to manage cybersecurity is moving forward.

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A bill first introduced to the Canadian Parliament in the spring of 2022 (Bill C-26) compelling companies to manage cybersecurity is moving forward. Amidst criticism that it been idling for nearly 2 years, at a time when Canadian banks report an increases in cyber attacks.

https://lnkd.in/ebuHVhda

Bill C-26 compels companies in the finance, telecommunications, energy and transportation sectors to either shore up their cyber systems against attacks or face expensive penalties.

Coming at a time when cyber attack frequency, severity and complexity is increasing globally and U.S and EU regulators are introducing cyber regulation that affects Canadian companies, including banks. The Act cannot be more needed, however the pace of reading, passing and then implementation does raise questions. When Canadian systemically important banks, regulated under Basel accords, have to demonstrate the management of operational risk including cybersecurity.

Ted Dziekanowski Brian D. McCarthy

Veritas GRC

#cybersecurity #cyberriskmanagement #cyberregulation

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