Public Safety committee  Priority ones are basically high-impact incidents that cause disruption of service or leakage of data, so any that meet that definition would constitute priority one and be accordingly reported to us.

Public Safety committee  We are concerned with that number growing. We're tracking it very carefully, and we are eagerly watching to see whether or not the trajectory continues to grow. This is an area of risk for financial institutions. We've outlined it in our annual risk outlook, published on our webs

Public Safety committee  I think a lot would depend on the regulations, but as the committee will be well aware, there are a number of different expected outcomes associated with the legislation relating to identifying, managing, preventing, detecting and limiting damage associated with cyber-attacks. We

Public Safety committee  We have an incident-reporting protocol whereby we set out for financial institutions our expectations of when and how they report incidents to us. Now, in a sense, one could say they're voluntary, but I'll give you a bit of background, if you'll permit me.

Public Safety committee  As a prudential regulator, we have a general responsibility when it comes to overseeing financial institutions and making sure that they're engaging in sound risk management practices. What we do, then, instead of issuing regulations that have the force of law, is articulate for

Public Safety committee  This legislation would be a bit different from what we currently have in place for reporting. Under our reporting protocol, banks report to us. If something happens, we have a mechanism for them to indicate to us within 24 hours that an incident has occurred. Here, with this leg

Public Safety committee  Mr. Chair, we were engaged by Public Safety on the bill itself. In terms of consultations with other stakeholders, I'd defer to them to respond to those questions. Should the bill come to pass, we would obviously look forward to engaging with Public Safety in the development of

Public Safety committee  Thank you so much. Good afternoon, Mr. Chair, and ladies and gentlemen of the committee. The mandate of the Office of the Superintendent of Financial Institutions, or OSFI, contributes to public confidence in the Canadian financial system by regulating and supervising approxima