Cyber risk management is an increasingly important challenge for organizations of all kinds. Financial industry regulators in Canada and the United States (e.g. U.S. Financial Industry Regulatory Authority, U.S. Securities and Exchange Commission, Investment Industry Regulatory Organization of Canada, Canadian Securities Administrators and the Office of the Superintendent of Financial Institutions of Canada) have issued helpful guidance for cyber risk management. The guidance emphasizes the need for organizations to proactively manage cyber risks and to prepare for cybersecurity incidents
Cyber risk management guidance issued by financial industry regulators can be helpful for all organizations. The regulatory guidance might also establish best practices against which the actions of an organization and its management might be measured by regulators and courts in the event the organization is the victim of a cybersecurity incident.
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