CIRO shut down some systems after cybersecurity threat found

The Canadian Investment Regulatory Organization (CIRO) says it shut down some of its systems as a precaution after identifying a cybersecurity threat on Aug. 11.

A preliminary investigation indicates that some personal information of member firms and their registered employees was affected.

CIRO says its priority is to investigate which individual registrants may have been affected and, once determined, to notify those individuals and provide risk mitigation services.

In response to emailed questions, Sean Hamilton, director of corporate communications and public affairs, told Advisor.ca that the investigation is ongoing and that CIRO is working with external cybersecurity and legal experts, as well as law enforcement.

“We are actively investigating what information was affected,” Hamilton said, when asked how many firms and individuals may have been affected.

“We notified all our members and marketplaces of the incident this morning. Our investigation is ongoing, and we will provide information to our firms and individuals as quickly as possible. We will also provide credit monitoring and identity theft protection services free of charge to any individual at risk,” he said.

The self-regulatory organization (SRO) says its real-time equity market surveillance operations continue as normal, with no active threat in its systems. Some non-critical systems have yet to be brought back online, however.

“We proactively shut down some systems as we started the investigation and we plan to incrementally bring them back online this week,” Hamilton said. CIRO will “continue to share updates by email to our members and on our website as systems are restored and the investigation continues,” he added.

CIRO oversees investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity markets.