2022 marked the first full year FS-ISAC Canada’s operations. The creation of FS-ISAC Canada in 2021 was prompted by 11 top Canadian member firms who had been sharing cyber intelligence within their respective industry associations such as the Canadian Bankers Association.
The CISOs recognized the need to share across the larger financial industry, from banking to insurance, from financial markets infrastructure to asset management, to effectively respond to cyber threats at the national level. FS-ISAC is of course the global industry body that already does this, and so FS-ISAC Canada was created to enable Canadian firms to share among themselves as well as integrate with the global fincyber community.
The leadership council comprised of major member organization's CISOs meets monthly and provides strategic leadership and guidance. It also serves to facilitate coordination to other cybersecurity organizations operating in Canada in order to eliminate duplication of effort.
Integrated into the larger Americas Threat intelligence Committee but also operating as its own smaller group, the Canadian Intelligence Council’s 42 participants meet every week to discuss the local threat landscape.
During this year’s major telecom outage in Canada, the CIC acted as a central hub for information on incident impacts and subsequently lessons learned on the risks and mitigating actions that should be considered from a global perspective.
There is also a newly formed Incident Response Team (IRT) that meets monthly and as required. This group monitors and responds to defined national cybersecurity incidents and provides structure for appropriate national coordination.