The Canadian Securities Administrators recently named cybersecurity as a top area of concern in the country, the Financial Post reported.
"We have identified cybersecurity as a priority," said CSA chair Louis Morisset, who is also chief executive of the Autorité des marchés financiers in Quebec.
Security experts note that financial firms are particularly vulnerable to cyber attacks, including small firms that think their size makes them unattractive to hackers, the Financial Post explained.
"The closer you get to the money, the more of a target you are to cyber criminals, said David Mohajer, chief executive of Xahive, a cybersecurity firm, in an interview with the source.
The CSA published an updated cybersecurity notice geared toward those involved in financial markets on Sept. 27, Lexology reported.
The notice included a number of recommendations for financial firms to increase their digital security that include managing cybersecurity at an executive level, establishing and maintaining a comprehensive cybersecurity and raising awareness among staff, and establishing security considerations specific to the use of technology, systems and networks.
The notice also recommended that firms "remain vigilant in developing, implementing and updating an approach to cybersecurity hygiene and management."