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IMF - International Monetary Fund
IMF - International Monetary Fund
08/08/2025 | Press release | Distributed by Public on 08/08/2025 16:28
Canada: Financial Sector Assessment Program-Technical Note on Cyber Resilience of the Financial Sector
Cyber risk is highly relevant to the financial sector and financial stability of Canada. According to the Canadian Centre for Cyber Security (CCCS), in 2021, 23.9 percent of finance and insurance enterprises were impacted by cyber security incidents, placing Finance into the top four of the Critical Infrastructure Sectors being targeted by cyber actors. Cyber-attacks on the financial sector have tripled from 2022 to 2023 and these cyber-attacks against Canadian financial institutions (FIs) are increasing in both frequency and sophistication.
Subject: Cyber risk, Economic sectors, Financial institutions, Financial regulation and supervision, Financial Sector, Financial sector policy and analysis, Financial sector stability, Operational risk, Securities, Technology
Keywords: Cyber risk, Financial sector, Financial sector stability, Operational risk, Securities
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