ID
2022-005

Type
Policy
Sector
Mortgage Brokering
Status
Public comment closed
Date
Comment Due Date

The Financial Services Regulatory Authority of Ontario (FSRA) is taking steps to support cybersecurity preparedness within the mortgage brokering sector.

FSRA is proposing to adopt the Mortgage Broker Regulators’ Council of Canada’s Principles for Cybersecurity Preparedness into its regulatory framework. This will provide the sector with leading practices for preventing cyber incidents and ensure there is an appropriate response when they occur.

Cybersecurity aims to reduce the likelihood and impact of cyberattacks which could result in consumer harm, such as identity theft or title fraud.

Cybersecurity risks represent a significant and emerging threat to FSRA-regulated sectors. Proactive management of cybersecurity risks is critical to protect consumer privacy and contribute to public confidence within the sector.

This consultation is now closed.

Learn more

Thank you for your feedback on FSRA’s proposed guidance on adopting the MBRCC Principles for Cybersecurity Preparedness into its regulatory framework. Your feedback helped inform our final guidance, which we have now posted.

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Sector Comment Date posted
Mortgage Brokering
[2022-005] Samantha Gale - CAPL - Canadian Association of Private Lenders
Please find comments attached.
Mortgage Brokering
[2022-005] Loreen Alexander
We have been carrying cyber liability coverage for a few years and I am impressed with how quickly it has evolved. I believe that the good insurance providers run their own stress tests and offer valuable feedback which is good to see.
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