On November 1, Canada becomes the newest country to enact a stringent data breach regulation. The Personal Information Protection and Electronic Documents Act, or PIPEDA, goes into effect on November 1, based on a report from the CTVNews network.
According to the Ponemon Institute’s 2017 International Cost of a Data Breach study, the average cost to Canadian companies of a breach was $6.11 million, up 5.6 per cent from those who participated in the 2016 report. By comparison, the global average cost of a breach was US$3.86 million.
Pravin Kothari, CEO at CipherCloud:
The devil is already deep within the details. The Office of the Privacy Commissioner of Canada has provided explicit guidance on the issue of significant harm. As defined within guidance, significant harm includes bodily harm, humiliation, damage to reputation or relationships, loss of employment, business or professional opportunities, financial loss, identity theft, negative effects on the credit record and damage to or loss of property. The definitions of the exclusion for “business contact information” have also evolved and merits close attention as this sheds further light on the definitions of personal information.
It is now a very short step to an even stronger data privacy law in Canada. In lockstep with many nations around the world, we expect Canadian regulation to rapidly evolve further into the depth and breadth of the European Community GDPR. This will ultimately provide a very detailed view of sensitive data, specified data protection such as encryption, and much tougher and expanded penalties for non-compliance.”
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