In terms of allowing the market to maintain itself here, we have an extremely high bar that has to be met, and a lot of stuff can slip under it with no enforcement mechanisms. From your comments I'm seeing that we are going to fall behind all the other western countries when it comes to having those enforcement mechanisms.
I don't know if the comparison is correct, but in the copyright wars we heard all about Canada being a Pirate Bay because we didn't have enforcement mechanisms. I think some of the language was a little over the top, but if data breaches occur in the market we have, people don't have to worry about it because nobody's coming after them, and if they do come after you, if you're beyond shame, what are they going to do?
Perhaps certain companies would prefer to set up and do business here in Canada. They'll say they're under Canadian law and they shouldn't be bothered. They'll set up here because they'd get hammered in England, hammered in the EU, and hammered in the United States.
Because we have always been the world leader, should we not establish a similar standard that matches where the other main western countries are?