IIFA Releases Global Cybersecurity Guide
New guide geared towards enhancing cybersecurity programs for investment firms
October 28, 2019 (Toronto) – The International Investment Funds Association (IIFA) today released its Cybersecurity Program Basics, a guide created to help enhance cybersecurity programs in investment firms. The guide was released across participating jurisdictions of the IIFA Cybersecurity Working Group.
“The release of the IIFA’s cybersecurity guide demonstrates a unified commitment to elevating and enhancing cybersecurity practices on a global scale,” said Paul Bourque, President and CEO, Investment Funds Institute of Canada (IFIC). “Rapidly evolving threats have the potential to harm clients, firms and the industry as a whole. We believe that having a robust cybersecurity program should be a top priority for firms.”
The IIFA guide was created in response to an annual survey conducted by the International Organization of Securities Commissions through its Task Force on Cyber Resilience. The results of the survey indicated that many asset management firms, especially small firms, are not employing some basic cybersecurity measures.
The IIFA guide outlines key steps to establishing a cybersecurity program, including establishing a framework, conducting security awareness training, having an incident response plan, conducting table top exercises, establishing and monitoring normal network activity, and participating in trusted information sharing.
In conjunction with the release of Cybersecurity Program Basics, IFIC has updated its Cybersecurity Guide for Canadian firms. The guide now includes details about information sharing among trusted peers and the new CyberSecure Canada certification program, and provides new links to resource documents and websites.
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
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