As Canada strives for post-pandemic economic growth and innovation, a critical hurdle remains unaddressed: digital identity and data security. Cybercrime and identity theft have surged, with reported losses of $500 million in 2022, a 40% increase driven by the pandemic. The consequences range from drained bank accounts to hackers controlling vehicles.
The way we handle these issues affects every aspect of our digital lives, from bank verifications to daily transactions. Canada faces a pivotal moment in digital verification as existing methods falter against fraud. The remedy lies in a new data paradigm with robust digital identity tech and privacy standards.
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