September 27, 2016 / 4:31 PM / 2 years ago

Canada market watchdogs to study corporate disclosure of hacks

A padlock is displayed at the Alert Logic booth during the 2016 Black Hat cyber-security conference in Las Vegas, Nevada, U.S. August 3, 2016. REUTERS/David Becker

TORONTO (Reuters) - Canadian securities regulators plan to review the cyber security disclosures of some of their largest issuers in coming months as part of a renewed focus on the growing threat presented by hacking, a council of provincial regulators said on Tuesday.

The threat to companies and the broader financial market system from cyber attacks has jumped sharply as they become more frequent, complex and costly, the Canadian Securities Administrators, an umbrella group of the country’s provincial and territorial securities regulators, said in a statement.

The group said it will report findings and recommendations from its reviews and stressed the need for more coordination and information sharing.

“We want to ensure they are aware of the challenges, have a sufficient level of preparedness, and are as resilient as possible against cyber risks,” Louis Morisset, the head of the Quebec provincial regulator and current chair of the CSA, said in the statement.

Reporting by Alastair Sharp; Editing by Bill Trott

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