Survey shows cyber, trade and debt threats weigh more heavily on advisors
Fear around systemic risk is creeping back into Canada’s capital markets, with nearly two-thirds of industry participants now uneasy about the financial system’s stability.
The latest Systemic Risk Survey from the Canadian Securities Administrators (CSA) shows that 65 percent of 505 portfolio managers and investment dealers surveyed between October 16 and November 6, 2025, described themselves as “Somewhat” to “Very Concerned” about the resilience of the Canadian financial system.
This is up from 59 percent a year earlier and is roughly in line with 2023 levels.
Source: CSA Systemic Risk Committee, Number of observations: 505 (2025)
Respondents pointed to three main pressure points: trade and geopolitics, cyber vulnerabilities and household debt. Trade worries often related to ongoing trade tensions and broader conflict risks.
At the same time, 70 percent of respondents now view cyber security as at least a “High Risk,” up from 60 percent in 2023, with several linking Artificial Intelligence to heightened threats such as social engineering and deep fakes.
Source: CSA Systemic Risk Committee, Number of observations: 505 (2025)
Household leverage remains a key vulnerability, with 62 percent of respondents saying it poses a “High” or “Very High” risk to Canadian financial stability.
However, concern around this issue has eased from 75 percent in 2023 and 68 percent in 2024, mirroring a gradual softening in anxiety over housing and interest rates since their 2023 peaks.
Source: CSA Systemic Risk Committee, Number of observations: 505 (2025)
Overall, 32 percent of respondents said their concern about financial stability has increased over the past year.
This underscores how the CSA’s annual survey has become a barometer of shifting risk perceptions in an environment still shaped by economic uncertainty and recent political events such as the US election.
