Boom Period—Computer services output has risen 7.4 per cent annually since 2012—three times the pace of the Canadian economy. With another 8.6 per cent expansion expected this year, the industry continues to outperform most other sectors.
Financial Services—The financial sector is the largest major user of computer services. It has been a key driver for industry growth in the past five years as banks and insurers continue to increase their IT capabilities.
New Cyber Reporting Regulations—The newly enacted Personal Information Protection and Electronic Documents Act requires firms to report to individuals, and to the Privacy Commissioner of Canada, any breaches of security safeguards. The Act increases the reputational and contractual risks for computer services firms and as a result encourages them to invest more heavily in cyber-security measures.