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

2020 BC Cowboy Hall of Fame inductee: Paul ‘Buck’ Mammel

Mammel honoured in categories of Working Cowboy and Ranching Pioneer

LETTER: ‘Bless their hearts’

I went shopping in Williams lake and I was beyond impressed

EDITORIAL: No time for April fools

As we adjust, cope, our community responds in different ways

2020 BC Cowboy Hall of Fame inductees: Bayliff family and Chilancoh Ranch

Historic ranch honoured in Ranching Pioneer and Century Ranch categories

‘Better days will return’: Queen Elizabeth delivers message amid COVID-19 pandemic

The Queen said crisis reminds her of her first address during World War II in 1940

Emergency aid portal opens Monday, cash could be in bank accounts by end of week: Trudeau

Emergency benefit will provide $2,000 a month for those who have lost their income due to COVID-19

Education, not enforcement: B.C. bylaw officers keeping a watch on physical distancing

A kind word, it turns out, has usually been all people need to hear

COVID-19: Hospitals remain safe for childbirth, say Vancouver Island care providers

North Island Hospital has been asked to share its perinatal COVID-19 response plan

B.C. VIEWS: Pandemic shows need for adequate care home staffing

Seniors in B.C. care homes face challenging times

QUIZ: How much do you know about hockey?

Take this test and find out how well you know Canada’s most popular winter sport

Researchers look at humidity as a weapon in the fight against airborne viruses

Regular hand washing, physical distancing and PPE for health care workers remains best line of defense

Most Read