Mr. Speaker, the member knows full well that we brought changes to the regulations to update PIPEDA, the Personal Information Protection and Electronic Documents Act. These regulatory changes are very important, because if any private entity, a bank or otherwise, suffers lost or stolen data, they must report it immediately to the individual and to the Privacy Commissioner. Failure to do so will lead to an infraction and a fine of $100,000 per data breach. That is a significant cost per data breach. It is an important signal that we are sending to protect the privacy of Canadians.
In the House of Commons on May 29th, 2018. See this statement in context.