{
  "title": "Canada: Financial Sector Assessment Program-Technical Note on Cyber Resilience of the Financial Sector",
  "publication": "IMF Staff Country Reports, August 8, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/08/08/canada-financial-sector-assessment-program-technical-note-on-cyber-resilience-of-the-569512",
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  "summary": "This Technical Note on Cyber Resilience of the Financial Sector discusses that cyber risk is highly relevant to the financial sector and financial stability of Canada.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Cyber risk is highly relevant to the financial sector and financial stability of Canada.\n- 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.\n- Notwithstanding this maturity, there is room for further improvement, including:\n  - strengthening the overarching strategy; and\n  - enhancing inter-agency coordination.\n- Federal and provincial authorities have a strong cyber regulatory framework, and guidelines, but they could better integrate them into their supervisory and oversight processes.\n- The authorities would benefit from deepening their analysis of the operational interconnectedness of the financial system.\n- It would be useful to leverage existing fora to be better prepared to manage systemic cyber incidents.\n- Federal and provincial authorities have robust incident response protocols."
    },
    {
      "heading": "Policy recommendations and strategic priorities",
      "content": "- Reflect on strategic direction of travel as cyber risk and technology challenges advance in the coming years.\n- Improve overall governance arrangements and strategy to meet emerging cyber challenges.\n- Enhance integration of cyber regulatory frameworks and guidelines into supervisory and oversight processes.\n- Deepen analysis of operational interconnectedness across the financial system to better understand systemic channels and contagion risks.\n- Leverage existing fora for preparedness and coordination in managing systemic cyber incidents.\n- Strengthen inter-agency coordination mechanisms to align strategy and operational responses."
    },
    {
      "heading": "Institutional capacity and ecosystem observations",
      "content": "- Broad stakeholder participation and effective coordination characterize Canada’s cyber ecosystem.\n- Both federal and provincial authorities participate in the regulatory and oversight environment.\n- Existing incident response protocols are robust, indicating established operational capabilities for incident management.\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 8, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229021586.002",
    "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:",
    "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.",
    "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.",
    "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.",
    "**Executive Summary**"
  ],
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