Proposed cybersecurity guidance will lead to better protection for those using mortgage brokering services

TORONTO, April 1, 2022 /CNW/ – The Financial Services Regulatory Authority of Ontario (FSRA) is taking steps to support cybersecurity preparedness within the mortgage brokering sector.

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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.

To review the proposed guidance and submit your feedback, please visit FSRA’s website. The consultation period is now open and will close on May 2, 2022.

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FSRA continues to work on behalf of stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

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SOURCE Financial Services Regulatory Authority of Ontario

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