Industry News

Priorities for 2017 will include enhancing cybersecurity action plans and finalizing recovery plans

By James Langton |

Canada's payment and settlement systems will be enhancing cybersecurity and resolution planning in the year ahead, according a report published on Tuesday by the Bank of Canada.

The report on the central bank's oversight of financial market infrastructure firms (FMIs), such as payment clearing and settlement systems, concludes that the FMIs "made substantial enhancements" to their risk management practices in 2016, "as they worked toward full observance" of the bank's standards in this area.

"Further enhancements and their ongoing resilience will be a focus" in the coming year for infrastructure firms, the report says. For all FMIs, priorities for 2017 will include enhancing cybersecurity action plans and finalizing recovery plans.

The report also indicates that priorities for clearing and settlement systems, CDS and CDCC, include enhancing liquidity risk management and their default-management frameworks, and modernizing their risk systems.

Additionally, the report notes that the bank has made progress on initiatives, such as developing a resolution regime for FMIs and implementing enhanced oversight of prominent payment systems.