Thank you, Mr. Chair.
Thank you to the witnesses for coming.
My questions are going to focus on the Canada Energy Regulator.
I think there's been a little bit of confusion with this bill. Some people who are watching this might believe that if we don't pass this bill or if it gets delayed, companies won't be spending on cybersecurity. However, it's pretty clear that companies are spending a lot on cybersecurity. For example, a major integrated oil company, Cenovus, has announced in its 2024 budget that it's spending over $100 million on cybersecurity. It certainly seems that many companies across many sectors are taking this issue very seriously.
However, we just had witnesses in the last panel—I believe from Electricity Canada—who were concerned about this bill because they believe that it might not necessarily lead to a massive increase in spending on incident reporting and incident prevention but will massively increase the amount of money that companies have to spend just to comply with the legislation.
I'm wondering if you can comment. Do you foresee, under this legislation, the compliance costs for companies increasing significantly?