—(1) If a specified security procedure, or a commercially reasonable security procedure agreed to by the parties involved, has been properly applied to an electronic record to verify that the electronic record has not been altered since a specific point in time, such record shall be treated as a secure electronic record from such specific point in time to the time of verification.
(2) For the purposes of this section and section 18, whether a security procedure is commercially reasonable shall be determined having regard to the purposes of the procedure and the commercial circumstances at the time the procedure was used, including —
the nature of the transaction;
the sophistication of the parties;
the volume of similar transactions engaged in by either or all parties;
the availability of alternatives offered to but rejected by any party;
the cost of alternative procedures; and
the procedures in general use for similar types of transactions.
[ETA, s. 16]