Industry committee  Of course, we are incredibly sympathetic to what they are going through and what they've described. We're just here today to outline the negative consequences of this bill. As a few of the other witnesses have testified, there are other solutions available that would help to av

Industry committee  I have heard that term of deferred wages used during the testimony. Personally, wages are earned while you're working for a company, and you earn that. I think what we're here to talk about today is unfunded pension obligations, and why I'm here in particular is to speak to the b

Industry committee  Good morning. My name is Charles Docherty and I am the assistant general counsel at the Canadian Bankers Association. With me today is Bill Kennedy, vice-president of special loans at the National Bank of Canada. We appreciate having the opportunity to appear before this committe

Public Safety committee  Certainly the Canadian Bankers Association supports initiatives aimed at financial literacy. Part of that education relates to not falling for fraud scams and those sorts of things. We also have information on our website. It's Fraud Prevention Month right now so we're certainly

Public Safety committee  In terms of specific examples of investment, our members have funded cybersecurity labs at the University of Waterloo. Members have invested internationally, including in Ben-Gurion University in Israel, which is a globally renowned cybersecurity hub. Another member has a strateg

Public Safety committee  They're not restricted in whom they hire. Certainly there is a global shortage of cyber-skills out there, so they're looking in every country to try to find cyber-talent to protect the personal information of the clients we serve.

Public Safety committee  If it's an outsourcing arrangement, then yes, definitely. If it's an independent third party, then the laws of the country where the information is being held by that third party may apply.

Public Safety committee  Yes, but I want to just reiterate that when it comes to the banks and protecting their clients' information, in the event of a breach of the bank's security safeguards—which would be a rare circumstance—they would comply with Canadian law and take all steps necessary to make thei

Public Safety committee  I'll speak to some of that, certainly. In terms of skills development, the banks are heavy investors in hackathons and these types of events that are aimed at promoting cyber-skills within Canada. Andrew, is there anything you'd like to add?

Public Safety committee  You may be referring to the CDIC deposit insurance. That's not something related to cyber-threats or cyber-attacks. In terms of a cap for banks, if a fraud has been committed and the clients are not at fault, but the security safeguards have been breached, they will be reimbursed

Public Safety committee  Yes, sir: 100%.

Public Safety committee  I can speak to the fact that banks remain responsible and accountable for the personal information of their clients. When they contract with a third party, let's say, and outsource the processing of data, they are responsible in those circumstances to ensure that the privacy and

Public Safety committee  There's no problem. Banks, in the rare circumstance of a cyber-attack that results in a financial loss to their clients, will reimburse them.

Public Safety committee  Certainly, I believe the risks would be the same. Corporations would necessarily need to have controls in place, as there are more people working within a corporation who might have access to the banking system of the corporation.

Public Safety committee  No, it would be the same standard. Banks take their obligations seriously regardless of the type of entity involved.