Canada: Financial Sector Assessment Program-Technical Note on Cyber Resilience of the Financial Sector

Author: International Monetary Fund. Monetary and Capital Markets Department

Canada: Financial Sector Assessment Program—Technical Note on Cyber Resilience of the Financial Sector

Volume/Issue: Volume 2025 Issue 231

Publication date: August 2025

ISBN: 9798229021586

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Investments and Securities-General , Financial sector stability , Operational risk , Financial sector , Cyber risk , Securities

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Summary

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.