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Policy & Regulation · Federal
OSFI warns AI could amplify cyber and technology risks for lenders
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Summary
Canada’s banking regulator warns that AI adoption could increase cyber threats and leave lenders exposed to outages at major technology providers. The Office of the Superintendent of Financial Institutions says financial firms need stronger monitoring of providers and oversight of AI, while boards and senior managers remain responsible for managing risks. It says federally regulated institutions remain resilient and profitable.