Safeguarding Data Transfers Of Federally Regulated Entities: Within Canada And Beyond

In light of the recent high profile Bangladesh Central Bank theft,¹ it is clear that financial institutions are not immune from cyber security incidents, especially as institutions become more globally interconnected. In an effort to protect data, it is important to focus on prevention of data breaches, but it is also critical that banks and other entities be able to quickly detect any breaches and respond rapidly in order to prevent further loss or damage.

Personal Information Protection and Electronic Documents Act ("PIPEDA")

PIPEDA applies to federally regulated organizations carrying on commercial activity in Canada, including banks, and to many private-sector organizations engaged in commercial activity, including those that collect, use or disclose personal information crossing provincial or national borders. It requires organizations to implement measures to safeguard personal information against loss and theft, and from unauthorized access, disclosure,