Canada: Financial Sector Assessment Program-Technical Note on Cyber Resilience of the Financial Sector
IMF Staff Country Reports, August 8, 2025
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- Canada: Financial Sector Assessment Program-Technical Note on Cyber Resilience of the Financial Sector
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Bibliographic details
- Published: August 8, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229021586.002
Key findings
- Cyber risk is highly relevant to the financial sector and financial stability of Canada.
- Canada has a mature cyber ecosystem, with a broad range of stakeholders coordinating and cooperating effectively to ensure the cybersecurity of the Canadian financial system.
- Notwithstanding this maturity, there is room for further improvement, including:
- strengthening the overarching strategy; and
- enhancing inter-agency coordination.
- Federal and provincial authorities have a strong cyber regulatory framework, and guidelines, but they could better integrate them into their supervisory and oversight processes.
- The authorities would benefit from deepening their analysis of the operational interconnectedness of the financial system.
- It would be useful to leverage existing fora to be better prepared to manage systemic cyber incidents.
- Federal and provincial authorities have robust incident response protocols.
Policy recommendations and strategic priorities
- Reflect on strategic direction of travel as cyber risk and technology challenges advance in the coming years.
- Improve overall governance arrangements and strategy to meet emerging cyber challenges.
- Enhance integration of cyber regulatory frameworks and guidelines into supervisory and oversight processes.
- Deepen analysis of operational interconnectedness across the financial system to better understand systemic channels and contagion risks.
- Leverage existing fora for preparedness and coordination in managing systemic cyber incidents.
- Strengthen inter-agency coordination mechanisms to align strategy and operational responses.
Institutional capacity and ecosystem observations
- Broad stakeholder participation and effective coordination characterize Canada’s cyber ecosystem.
- Both federal and provincial authorities participate in the regulatory and oversight environment.
- Existing incident response protocols are robust, indicating established operational capabilities for incident management.
Content in this bundle
- Executive Summary