Financial firm outsourcing increasing risk of cyber attacks: IIAC + MORE Jan 12th

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TORONTO _ The head of the Investment Industry Association of Canada says the risk of cyberattacks is being amplified by the significant outsourcing done by investment dealers and asset managers.
Ian Russell told attendees at an Empire Club of Canada luncheon on Thursday in Toronto that firms’ financial integrity and cybersecurity may not be matched by third-party vendors hired to enhance efficiencies, compensate for scale and reduce costs.
To remedy this, he says regulators within Canada need to co-operate and co-ordinate across the financial sector, involving insurance, banking and securities firms.
Russell says a positive example of such co-operation is the information-sharing memorandum recently forged between the Financial Consumer Agency of Canada _ the independent government agency that enforces consumer protection legislation _ and the Investment Regulatory Organization of Canada, a national self-regulating organization for investment dealers that sell stocks, bonds and other securities to consumers…

P/E ratios may seem high, but policy changes augur much better earnings in the coming years.

TORONTO _ Canada’s main stock index recovered from yesterday’s NAFTA wobble, helped by gains in the energy sector, as the loonie weakened.
The S&P/TSX composite index was up 38.99 points to 16,286.94, a day after markets fell into the red following reports the United States is poised to pull out of the North American Free Trade Agreement.
South of the border, Wall Street resumed its record-setting pace.
The Dow Jones industrial average climbed 205.60 points to 25,574.73. The S&P 500 index added 19.33 points to 2,767.56 and the Nasdaq composite index was up 58.21 points to 7,211.78.
The Canadian dollar closed at an average trading value of 79.78 cents US, down 0.25 of a U.S. cent.
In commodities, the February crude contract gained 23 cents to US$63.80 per barrel and the February natural gas contract was up 18 cents to US$3.08 per mmBTU.
The February gold contract advanced US$3.20 to US$1,322.50 an ounce and the March copper contract was unchanged at US$3.23 a pound.
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