Policy Issues Related to 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.

We asked credit unions, insurance companies and trust companies to provide BCFSA with both verbal and written comments on specific policy issues related to the reporting of information security incidents to the regulator.

This consultation period is now closed. We would like to thank everyone who provided feedback during our consultation period. Please see the September 28, 2022 Advisory “BCFSA’s Response to Consultation on Information Security Incident Reporting” and the Consultation Summary Report to see how responses and feedback have informed BCFSA’s next steps.