Canada Supports G7 Work on Cyber Security

October 14, 2016 – Ottawa, Ontario – Department of Finance Canada

The Government is committed to address the challenge of securing the financial system from cyber threats, to promote public confidence in the financial system and financial stability for middle class Canadians and their families.

In line with this commitment, Finance Minister Bill Morneau endorsed the G7 Fundamental Elements of Cybersecurity in the Financial Sector during G7 meetings in Washington, DC, earlier this month, and supported the continued work of the G7 to coordinate efforts to protect financial systems from cyber threats.

Officials from the Department of Finance Canada, the Office of the Superintendent of Financial Institutions and the Bank of Canada have been working with their G7 counterparts since last year on identifying measures to defend against cyber threats to the financial sector and best practices that could be applied across the G7. The Government of Canada is also currently conducting consultations on cyber security and a review to help identify gaps and opportunities, bring forward new ideas to shape Canada’s renewed approach to cyber security, and capitalize on the advantages of new technology and the digital economy.

Quick Facts

  • Canada has more computers per capita than any other country (129 devices per 100 people) and Canadians are the heaviest Internet users in the world, spending more than 40 hours online per person, per month.
  • About 70 per cent of Canadian businesses have been victims of cyber attacks with an average cost of $15,000 per incident.
  • The current global market for cyber security products and services is expected to grow to over $170 billion by 2020, and the job market for cyber professionals is expected to rise by six million in the next four years.

Quote

"Canada is committed to safeguarding the integrity of its world-class financial sector so Canadians can continue to prosper and be confident digital innovators. Our work with other advanced, industrialized economies on cyber security in the financial sector shows that we are following through on our pledge to make Canada a global centre for innovation."

- Bill Morneau, Minister of Finance

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Media Contacts

Annie Donolo
Press Secretary
Office of the Minister of Finance
613-769-7187

Media Relations
Department of Finance Canada
613-369-4000

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