The Personal Information Protection and Electronic Documents Act (PIPEDA) is a Canadian law relating to data privacy. It governs how private sector organizations collect, use and disclose personal information in the course of commercial business.
"There is a privacy crackdown coming, and it's going to be big. It's just a matter of when." Shawn Lawrence – CEO of SkyFort
Companies that deal with any kind of personal information must now take steps to protect it. Professionals such as realtors, mortgage brokers and accountants are now being held accountable for where their data is being stored. As an individual party or a business, if you take in people's data or personal information, you must take the appropriate steps to secure their data. And if you haven't taken those steps to protect their information, when there is a data breach, you can be fined $10,000 as an individual, or $100,000 as a corporation, per incident.