Canada life investigates cyber incident potentially affecting customer data
Canadian insurance provider Canada Life has reported a cybersecurity incident that may have compromised the personal data of some of its customers, with the full scope of the breach still under investigation, Qazinform News Agency correspondent reports.
In a statement released on Monday, the company said it had detected unauthorized access to certain internal applications through an employee account. The incident has since been contained, and core operations and services continue without disruption.
Canada Life added that it immediately launched an investigation with the assistance of leading third-party cybersecurity experts and has informed the relevant authorities.
The company emphasized that protecting its customers, advisors, and employees remains its top priority. While a detailed assessment is ongoing to determine the nature and extent of the breach, it has already begun notifying affected customers.
According to media reports, the incident may have exposed the personal information of tens of thousands of individuals.
Earlier, it was reported that Canada’s TMX Group, which runs the Toronto Stock Exchange, is discussing regulatory changes that would allow companies to move from quarterly to semiannual financial reporting.
The proposal comes as Canadian authorities seek to stimulate initial public offerings and address a gradual decline in the number of publicly listed companies, a trend driven by delistings and corporate takeovers in recent years.
Canada’s securities regulator, the Canadian Securities Administrators, previously proposed allowing smaller firms with revenues below $10 million to replace quarterly reports with filings every six months. TMX Group CEO John McKenzie said the exchange believes the option should also extend to larger companies.
According to McKenzie, making semiannual reporting optional for all listed firms would allow companies and their shareholders to determine the level of financial disclosure they consider appropriate. He said investors could request additional reporting if needed.
The initiative follows a similar discussion in the United States. U.S. President Donald Trump last year expressed support for eliminating mandatory quarterly reporting in favor of semiannual disclosures. The U.S. Securities and Exchange Commission has said it is reviewing the proposal.
Many companies in Europe, Asia and Australia already report earnings every six months.
Canadian authorities have recently introduced other measures aimed at encouraging stock market listings. These include reducing tax burdens for smaller businesses and simplifying financial disclosure requirements for companies seeking to go public.
TMX Group also expects stronger IPO activity this year, partly supported by renewed momentum in the mining sector. Higher global demand for critical minerals has led to a rebound in mining listings, helping offset market volatility linked to geopolitical tensions and recent declines in technology stocks.
Several companies, including AGT Food and Ingredients and pharmaceutical producer Apotex, are reportedly considering public listings.
McKenzie said the Toronto Stock Exchange could reinforce its position as a global center for mining finance. Around 1,100 mining companies are currently listed on Canadian exchanges, reflecting growing investment interest in critical mineral projects worldwide.
Earlier, Qazinform News Agency reported that Donald Trump urged American companies to stop publishing quarterly earnings reports and instead move to releasing results only twice a year.