Canadian tech companies are adapting to the uncertainty caused by the prorogation of Parliament, turning to international standards, primarily the EU's GDPR, to guide their data handling practices.
Canadian tech companies are navigating the uncertain landscape left by Prime Minister Justin Trudeau's prorogation of Parliament. The move wiped numerous bills related to cybersecurity, privacy, artificial intelligence, data, and online harms from the legislative agenda, leaving companies in a state of limbo.
While they await Parliament's reconvening in March, many are adopting international standards, primarily the European Union's General Data Protection Regulation (GDPR), to guide their practices. \The absence of updated Canadian legislation has prompted companies to rely on the most stringent global regulations. Will Christodoulou, co-founder of Toronto-based fintech startup Cyder, pointed out that most large companies will likely comply with GDPR and adapt for other markets with specific requirements. GDPR demands stringent data handling practices, including limiting personal data retention and prioritizing security, integrity, and confidentiality. Violations can lead to hefty penalties, reaching up to €20 million or 4 percent of global revenue, along with potential compensation claims by affected users. \The prorogation of Parliament has stalled Bill C-27, which aimed to modernize Canada's Personal Information Protection and Electronic Documents Act (PIPEDA). This outdated legislation, last significantly updated in 2015, would have been replaced by three new acts focused on consumer privacy, data protection, and AI safeguards. The bill also proposed increased fines for serious violations, reaching up to 5 percent of global revenue or $25 million, aiming to incentivize compliance. Several experts argue that PIPEDA's current low fines lack sufficient deterrent effect. They express concerns about the adequacy of data protection practices in Canada and the absence of specific AI legislation, which leaves companies with significant leeway in their AI development and deployment
TECHNOLOGY CANADA GDPR LEGISLATION PRIVACY AI CYBERSECURITY DATA PROTECTION
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