On Oct. 24, 2024, CSA Que published Bulletin reporting final rule approved, received ministerial approval on Sep. 16, 2024, and will come into force on Apr. 23, 2025.
In Jan. 2025, CSA Que proposed new security incidents reporting form, see #240661.
On Dec. 7, CSA Que proposed financial institution incident reporting.
CSA Que proposed rules on Financial institution (FI) information security reporting.
Created a framework for management and reporting of information security incidents that may occur within a FI, a Credit assessment agency (CAA), or utilized third party.
Incident Policy
Required the development and implementation of an incident management policy.
Include procedures and mechanisms for detecting, assessing, responding to incidents.
Additionally, the incident policy is required to include a procedure for the reporting of incidents to the officers of the financial institution or the CAA and to any stakeholders.
Established monetary administrative penalties for failure to adhere to regulations.
Incident Reporting
Any incident with potentially adverse impacts that a CAA or an FI reports to its officers or management must be reported to CSA Que no later than 24 hours after it occurs.
Also, CSA Que must be notified within 24 hours after occurrence of any incident that is reported to another regulator authority or body that is responsible for prevention.
Further, incidents reported to C-OSFI, police, or insurer must be reported to CSA Que.
Information Security Register
Must maintain a current incident register that include a description of the incident.
Register must include any injury caused by it, the third parties involved, acceptance of the residual risk, actions taken, planned actions, as well as the incident close date.
Information recorded must be stored in secure manner for a minimum of 7 years.
Consultation
Comments on proposed regulations must be submitted in writing by Feb. 20, 2024.
Oct. 2024 CSA Que Final Rule
On Oct. 24, 2024, CSA Que published Bulletin reporting final rule approved, received ministerial approval on Sep. 16, 2024, and will come into force on Apr. 23, 2025.
In Jan. 2025, CSA Que proposed new security incidents reporting form, see #240661.
Regulators
CSA; CSA Que
Entity Types
Bank; CU; Thrift
Reference
RF, Bul Vol. 21 No. 42 p. 91, 10/24/2024; RF, Bul Vol. 20 No. 48 p. 77, 12/7/2023
