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The nature of cybersecurity and data collection in Canada is set to experience major changes that will impact all of Canada’s tech industries. The introduction of both Bill C26 and Bill C27 has unique implications, not just for the tech sector, but also for those that the Canadian federal government has deemed “vital” to the country’s cyber infrastructure.
For Bill C26, should it be passed, Canada’s telecommunications, energy, supply chain, and finance industries will be subject to extensive new regulations that many organizations should be planning to address now. Bill C26 will see the nature of cybersecurity change significantly, requiring vital industries to report incidents to the government and implement risk mitigation strategies to deter cyber threats.
Bill C27 will also change the nature of user data collection, implementing new privacy measures and regulations to protect the personal information of Canadians.
When these bills do pass, non-compliance will result in extensive monetary penalties to both Canada’s tech sector and the industries the Canadian government deems to be vital. Business leaders should be preparing well in advance to address these regulations, avoid fines, and legal penalties that can harm your bottom line, and put the nature of your business at risk.
Are you a business or tech leader concerned about new regulations tied to Bill C26 and Bill C27 in Canada? Many industries will be required to make significant revisions to the nature of data collection and cyber security; find out where to begin.
Bill C26 enacts the Critical Cyber Systems Protection Act, an effort on behalf of the federal government to protect the “vital” cyber networks of the country. Players deemed to be vital by the federal government will be forced to adhere to strict guidelines for transparency in regard to a cyber attack. Vital industries will be required to disclose incidents of cyber threats to government authorities, and require organizations to comply with new cyber security directives as dictated by the government. What industries that are deemed vital by the government could also evolve over time to include far more than what is already outlined.
These new legal frameworks are of critical importance to Canada’s energy sector including nuclear power plants and natural gas refineries, but also to the nation’s supply chain including rail, air travel, and public transportation. The Canadian banking sector is also set to be impacted by Bill C26, which will also be required to implement risk mitigation, just like other vital sectors, to implement risk strategies and stay resilient to cyber threats.
The full list of regulations is extensive and will require the assistance of specialized third parties that can speak to the new normal of cybersecurity and reporting in Canada. Failure to comply and report cyber incidents will likely result in extensive fines and legal penalties for many years.
The passing of Bill C27 would see significant regulatory changes for the private collection of user data in Canada and a revision of existing policies tied to data collection. Building off the developments of Bill C-27, organizations deemed to have circumvented existing Canadian privacy regulations can be subject to a $25,000,000 fine, or five percent of their entire global revenues, whichever is larger.
Many organizations must also implement a privacy management program that puts user consent first and ensures ongoing transparency on the data collection of the end-user. Organizations using artificial intelligence technology to manage user data will also need to have plain language explanations of the reasons for their data collection, and only collect data that is necessary for business operations.
The entire menu of regulatory changes is vast and will require many international and domestic tech companies to review their data collection practices in Canada and take great strides to ensure compliance. Many social media giants, digital payment platforms, and (SaaS) providers who deal with the private information of Canadian users will need to lean on the experience of cybersecurity firms who can ensure compliance and proactively work to avoid regulatory penalties.
Understanding the significant reporting requirements for both Bills C26 and C27 requires the careful expertise of Canada’s leaders in cybersecurity. Regulatory non-compliance can have extensive legal and financial penalties, and organizations should be preparing now to revise their practices and ensure compliance for years to come. Mjolnir Security continues to actively collaborate with Canada’s tech, finance, and supply chain sector to ensure your organization is compliant with the long list of regulations enacted by the Canadian federal government.
Full compliance with these bills requires deep knowledge of the nature of privacy, cybersecurity, and data collection in Canada. One misstep can result in an infraction, and draw the attention of regulatory bodies in Canada who can bring your business to a standstill. Mjolnir Security can assist with new reporting regulations and work with organizations to proactively assist in building highly resilient incident response plans, new methodologies, and tabletop exercises that can ensure compliance and protect your business.
Contact us today to learn more.
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