The Canadian Investment Regulatory Organization (CIRO) identified a cybersecurity threat on August 11.
The Canadian Investment Regulatory Organization (CIRO) identified a cybersecurity threat on August 11, and as a precaution, “proactively shut down some of its systems to ensure their safety and immediately started an investigation. Throughout this time, critical functions remained available,” CIRO officials say.
“CIRO’s real-time equity market surveillance operations continue as normal, with no active threat in our systems. The investigation is ongoing and CIRO is working with external cybersecurity and legal experts, and law enforcement,” according to the CIRO announcement.
CIRO’s preliminary investigation “indicated that some personal information of member firms and their registered employees was affected. … Our priority is to actively investigate which individual registrants may have been affected and, once determined, to notify those individuals directly and provide risk mitigation services. More information will be made available in due course,” officials say.
CIRO is Canada’s national self-regulatory organization that “oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces,” officials say. “CIRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada.”
CIRO’s surveillance teams “based in Montreal, Toronto, and Vancouver, operate state-of-the-art technology to monitor equity markets in real time. If needed, the CIRO can halt trading in a stock and even cancel or adjust trades where market integrity is concerned. The surveillance teams also perform a review of cross-asset trading between MX-listed derivatives and the underlying securities on a next-day basis. Surveillance also covers both CIRO dealer debt trading on a next-day basis and newly added Canadian crypto asset trading platform activity,” officials say.
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