The Québec government’s Act to Modernize Legislative Provisions respecting the Protection of Personal Information ("Bill 64" or the “Bill”) completed its parliamentary committee review phase on August 24, 2021. Bill 64 was first introduced by the Government of Quebec in the National Assembly on June 12, 2020. After months of committee review that began in February 2021, the detailed study of the Bill by the Committee on Institutions of the National Assembly ended on August 24, 2021.
In early July 2021, the BIS issued a paper on the regulatory requirements for digital payment and e-money services offered by non-bank service providers (“non-banks”). The paper addresses the proliferation of non-banks in retail payments and the questions that are related to their regulation.
Instances of ransomware have exploded in the past five years. In 2020 alone, it is estimated that the total cost to Canadian organizations in paid ransoms and lost productivity was US$4 billion.