Mr. Chair, we were engaged by Public Safety on the bill itself. In terms of consultations with other stakeholders, I'd defer to them to respond to those questions.
Should the bill come to pass, we would obviously look forward to engaging with Public Safety in the development of the regulations. We expect, as part of this process, that the banking sector would have an opportunity to engage.
In terms of the frequency and severity of cyber-incidents, I can share a bit of information on that because we have a reporting protocol that financial institutions are expected to comply with. They alert us within 24 hours if a technology incident or cyber-incident occurs.
We have seen an increase when it comes to cybersecurity incidents. In 2022, I believe we had 10 of what we call priority one incidents, but we saw a significant increase in these in 2023. I think the number almost tripled to about 28 in 2023. Basically, moving from 2022 to 2023, we had a number of more impactful incidents. This represents a significant growth from our perspective as a prudential regulator.