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BCFSA Seeks Feedback on Information Security Incident Reporting

BCFSA safeguards confidence and stability in B.C.’s financial sector through consumer protection while also allowing the financial sector to take reasonable risks and compete effectively.

With increased adoption of digital technology in the financial services sector, B.C.’s citizens and its economy are increasingly exposed to the risk of information security incidents that could compromise critical services or sensitive information.

Given the important role that BCFSA plays to oversee financial institutions’ management of these risks, BCFSA is considering the establishment of a new rule to require financial institutions to report material information security incidents.

BCFSA is seeking feedback at this time on specific policy issues related to the reporting of information security incidents to the regulator.

Feedback on key questions highlighted in the following Discussion Paper must be submitted by February 25, 2022, to [email protected].