Statement: CLHIA applauds CCIR's Position Paper on harmonization of cyber incident reporting frameworks

(Toronto, May 27, 2025) Stephen Frank, President and CEO of the Canadian Life and Health Insurance Association (CLHIA) issued a statement on the Canadian Council of Insurance Regulators (CCIR) position paper on the Harmonization of Incident Reporting Frameworks:

Canada’s life and health insurers welcome CCIR's release of recommendations for greater harmonization in cyber incident reporting requirements.

Managing and mitigating cyber security incidents continues to be a key focus for financial institutions, which are increasingly leveraging technology to provide the best service possible to their customers.

Prompt reporting of cyber security incidents is important for regulators’ management of an information security incident and allows them to exercise their consumer protection mandate. However, differences in reporting requirements across Canada can duplicate efforts and create undue burden at a time when companies are focused on addressing the incident.

The position paper represents important guidance from the CCIR, which plays a critical role in promoting an efficient and effective insurance regulatory system in Canada. Greater collaboration and efficient information sharing between governments and regulators during a cyber incident are in the best interest of consumers.

Our members look forward to working collaboratively with the CCIR and Canadian federal regulators to harmonize how cyber security incidents are reported.