Desjardins President and CEO Guy Cormier reads a statement during a news conference in Montreal on June 20, 2019. THE CANADIAN PRESS/Paul Chiasson

Desjardins Group says 2019 theft of 4.2 million members’ data cost $108 million

The costs are mainly related to the package of measures offered to members

The Desjardins Group says last year’s theft of the personal data of its 4.2 million members ultimately cost the co-operative $108 million.

The Quebec-based financial institution initially estimated the cost of a malicious employee’s breach — which also affected 1.8 million credit card holders — at $70 million.

Chief executive Guy Cormier says the impact is less than one per cent of its $18 billion in revenues in 2019.

It may seem like a large amount, but he says Desjardins has “ample capacity” to absorb the expense.

The costs are mainly related to the package of measures offered to members, such as free credit monitoring service from Equifax for five years.

Cormier says there should be no further increase in costs related to the data theft, which has plunged the co-operative into turmoil since it was revealed last June.

Desjardins says its net surplus increased 11.7 per cent to $2.6 billion before $317 million in dividends are paid to members. The dividend is up 25 per cent from last year and is at its highest level since 2011.

READ MORE: Desjardins announces permanent digital protection to all members following breach

The Canadian Press


Like us on Facebook and follow us on Twitter.

Bankinghackers

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Victoria church to ring bells for 75th anniversary of atomic bombings

Bells expected at 8:15 a.m. on Aug. 6 and 11:50 a.m. on Aug. 9

VicPD find used, uncapped needle tied to handrail in Beacon Hill Park

Officers believe the needle was put there with the intent to harm someone

PHOTOS: Kids, parents cool off at Langford splash park

Centennial Park is home to a popular water feature

Saanich landfill gets used oil and antifreeze dropoff centre upgrades

BC Used Oil Management Association oversees upgrades, two new facilities in province

Saanich woman completes 10 marathons, raises double her initial goal amount

Over $20,000 raised for Victoria Hospitals Foundation

VIDEO: Otter pups learn to swim at B.C. wildlife rescue facility

Watch Critter Care’s Nathan Wagstaffe help seven young otters go for their first dip

Michael Buble among 13 British Columbians to receive Order of B.C.

Ceremony will be delayed to 2021 due to COVID-19

U.S. border communities feel loss of Canadian tourists, shoppers and friends

Restrictions on non-essential travel across the Canada-U.S. border have been in place since March 2`

Rollout of COVID-19 Alert app faces criticism over accessibility

App requires users to have Apple or Android phones made in the last five years, and a relatively new operating system

Alleged impaired driver sparks small wildfire near Lytton after crash: B.C. RCMP

Good Samaritans prevented the blaze from getting out of control

B.C. First Nation adopts ‘digital twinning’ software to better manage territory

Software allows users to visualize what a mountain might look like if the trees on its slopes were logged

Woman arrested near Nanaimo beach after alleged road rage incidents

37-year-old woman facing charges including assault, assaulting a police officer, impaired driving

All inquiry recommendations implemented after fatal Port Hardy RCMP shooting: Ministry

The Independent Investigations Office of B.C. cleared the RCMP officers involved of wrongdoing

Most Read