Thank you, Mr. Chair.
Thank you, colleagues, and I wish you all a happy new year as well.
I am here today to talk to you about Bill C‑8, an act respecting cyber security, amending the Telecommunications Act and making related amendments to other acts. This bill has already been passed by the House of Commons and sent to the Senate in 2024. I am here, in good faith, to continue this essential work. This bill deals with something that Canadians depend on every day: our telecommunications networks.
Our telecommunications networks connect Canadians and support our economy. The growth of the digital economy, particularly through 5G networks, could add up to $112 billion to the Canadian economy by 2035. This is a great opportunity, and we have a responsibility to protect it.
With greater connectivity comes greater exposure. Cyber-threats are more sophisticated, more aggressive and borderless. Canadian businesses lose more than $5 billion every year due to cybersecurity incidents. This is a massive cost to our economy, our competitiveness and the jobs Canadians rely on.
If we want Canadians to trust these systems, and if we want businesses to continue investing and innovating, our infrastructure must be strong, secure and resilient. This is exactly what Bill C-8 does. Bill C-8 modernizes the Telecommunications Act by making security a core objective. It gives the government targeted and practical tools to act when there are serious risks to networks. It requires consultation with affected parties before any order is issued, ensuring transparency and collaboration.
At the same time, it is important to be clear about what this bill does not do. It does not allow the government to shut down services for individuals. It does not allow the interception of private communications. Infrastructure security is not freedom of speech. This bill is about protecting networks, not regulating expression or ideas.
Bill C-8 includes strong safeguards, and the government is accountable to Parliament. We will ensure that the bill is explicit in affirming Parliament's ongoing oversight of these powers. There is robust parliamentary oversight. NSIRA and NSICOP play a vital role in reviewing national security activities, and this legislation fully respects that framework.
Telecommunications networks are essential to the security, prosperity and well-being of Canadians. Bill C‑8 allows the government to protect them in a responsible and targeted manner, under rigorous oversight. We will continue to work to keep Canadians safe and well connected.
With that, I am ready to take your questions. Thank you.