October 19, 2021 will bring changes for both not-for-profit and for-profit entities in Ontario. First, the Ministry of Government and Consumer Services will launch the OBR on October 19, 2021. Second, on October 19, 2021, and after more than 10 years, the ONCA comes into force. During that long wait, other Canadian jurisdictions have modernized their not-for-profit statutes. For instance, federally, the Canada Not-for-profit Corporations Act came into force in 2011, and British Columbia’s Societies Act came into force in 2016.
Canada's banking regulator recently updated its Technology and Cyber Security Incident Reporting requirements for financial institutions to disclose and report cybersecurity incidents. And, for the first time since 2013, it updated its Cyber Security Self-Assessment tool.
Cybersecurity and insurance are increasingly intersecting as the number, frequency, and severity of cyber incidents rise. More businesses and individuals are transferring cyber risks to insurers. Insurers are improving special-purpose coverage options while limiting or excluding coverage under general liability policies. Consumers should assess needs and policies carefully to understand coverage limits and adequacy.