Cyber risk management is an increasingly important challenge for organizations of all kinds. The Investment Industry Regulatory Organization of Canada (IIROC), the national self-regulatory organization that oversees investment dealers and their trading activity in Canadian markets, has published detailed guidance to help investment dealer firms manage cybersecurity risks. The guidance provides useful checklists and helpful summaries of industry standards and best practices. The guidance emphasizes the need for organizations to proactively manage cyber risks and to prepare for cybersecurity incidents.
Cyber Risks
Cyber risks are the risks of harm, loss and liability (e.g. business disruption, trade secret disclosure, financial loss, loss to stakeholder value, reputational harm, legal noncompliance liability and civil liability to customers, business partners and other persons) to an organization resulting from a failure or breach of the organization’s information technology systems. Cyber risks can result from internal sources (e.g. employees, contractors, service providers and suppliers) or external sources (e.g. nation states, terrorists, hacktivists, competitors and acts of nature). For the full article click here
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