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Do I Need a Penetration Test for OSFI?


The increasing number, severity and sophistication of cyber threats and attacks around the globe is elevating the risk profile for many organizations. Federally regulated financial institutions (FRFIs) in Canada are no exception. 

The increased risk of cyberattacks has become more disconcerting in today’s business environment because there appears to be a global rush to do everything online. Be it operating household items or running an entire company; remote working is becoming a common practice. 

An increased online presence is more prone to cyberattacks and the dangers lurking on the web. Worldwide, there were almost 30 thousand cybersecurity incidents in 2020. We need some strong measures to deal with these incidents. In Canada, the best way forward is by becoming OSFI compliant through an OSFI Penetration Test. As things stand, all federally regulated financial institutions (FRFIs) or banks in Canada require penetration testing to be OSFI compliant. 

OSFI’s Cyber Security Self-Assessment

In October 2013, the Office of the Superintendent of Financial Institutions (OSFI) published its Cyber Security Self-Assessment guidelines to help FRFIs assess their level of cyber preparedness. Ever since its inception, this self-assessment has been helping FRFIs prepare and improve their cybersecurity posture. 

The main reason for the broadening attack surface in financial services and new entry points into FRFIs’ technology environment is the shift to digitalization. It leaves institutions highly exposed to cyber risks. That is why OSFI is always maintaining due diligence to enhance its set of Cyber Security Self-Assessment guidelines, to reflect the current cyber-risk landscape. 

OSFI encourages FRFIs to use this self-assessment or similar tools to help them assess their existing cybersecurity measures to develop and maintain effective cybersecurity practices. 

OSFI’s Cyber Security Self-Assessment to Identify Risk Assessment

The guidelines of the assessment for FRFIs are:

  • Conduct Threat and Risk Assessments from the beginning of new initiatives/projects or before making changes in existing systems and data to identify and prioritize threats, risks and remediation options.

  • Assess cyber risks from time to time. Specifically, review and assess the robustness, preparedness and completeness of the existing cyber risk practices and controls.

  • Conduct penetration testing against the network, cloud environment, and all critical IT systems. Penetration testing at regular intervals will identify the security gaps/deficiencies and affirm strengths.

Finding the Right Vendor for OSFI Penetration Test

The OSFI has made it mandatory for all FRFIs and banks to conduct penetration testing periodically. But finding the right service provider can be difficult.

At Packetlabs, we have years of hands-on experience in penetration testing. We have gained the expertise and developed services to conduct OSFI Penetration Test and evaluate your IT security through simulated cyberattacks. We have a qualified team of industry experts, with each member having completed the most advanced training available.

Deploying the Best OSFI Penetration Test

Our penetration testing services employ the latest tools and technologies. We leverage them to bypass the security of corporate networks, even those protected by the most sophisticated security controls.

  • For an OSFI Penetration Test, we follow a Penetration Testing methodology that conforms to industry standards. 

  • It is compliant with various regulatory requirements, including PCI DSS 11.3. 

  • We help you uncover vulnerabilities lurking in your IT systems, applications or network components and exploit them to obtain access to sensitive information.

We go the extra mile and think outside the box to find and address the weaknesses others overlook. We continuously learn new ways to evade controls in modern networks, which sets us apart from others. Our experienced consultants take time to analyze your requirements, expectations and in-scope components to understand their importance in the overall system.

Delivering Quality Results

If you are looking for a vendor who can reliably conduct an OSFI Penetration Test and help you become OSFI compliant, consider Packetlabs. We provide you with: 

  • A detailed OSFI Penetration Test report.

  • A well-documented report of each finding with screenshots. 

  • An attack narrative to illustrate the potential risks. 

  • A root-cause analysis, offering tactical and strategic recommendations. 

You can even choose to conduct a penetration test unique to your organization’s systems and structures: people, processes, and technology. Take a look at our objective-based penetration testing services for more details, or get in touch with us to see how we can help you with your OSFI Penetration Test needs.