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

Woman comes home to ‘entirely different’ Victoria after cruise ship, military base quarantine

Melanie Sibbitt booked herself a last-minute vacation on a cruise ship hit by COVID-19

COVID-19: Victoria moves homeless into 35 hotel rooms across the city

Mayor pleads with residents to stay inside during pandemic

Victoria brewery uses 3D-printer to make face shields for health care workers

Phillips Brewing is teaming up with engineers to create single-use medical equipment

Wheelchair user asks people to leave space on sidewalks to socially distance

Wendy Cox says many people are not stepping off the sidewalk to allow her space

Victoria street nurse thanks public for outpouring of donations

Businesses and individuals donated gloves, masks, sanitizers and more to frontline workers

B.C. records first at-home death from COVID-19, but 70+ hospital patients have recovered

Total of 970 novel coronavirus cases in B.C., with the majority in the Lower Mainland area

BC Ferries able to restrict travel for sick passengers

Ferries working on schedule shifts to keep workers safe

COVID-19: A message from the publisher

We will be making some changes to our print editions during these unprecedented times

Canada expands 75% wage subsidy to COVID-19 affected businesses of all sizes: Trudeau

Program will provide up to $847 per week for each worker

Pay parking suspended at B.C. hospitals due to COVID-19

Temporary free parking reduces need for keypads, contact

Helping those at risk, one piece of paper at a time through ‘isolation communication’

Simple paper tool during pandemic making its way across Canada thanks to social media.

‘Back to school, in a virtual way’ for B.C. students in COVID-19 pandemic

Province adds online resources to help parents at home

Canadian COVID-19 round-up: Air Canada cuts 15,000 jobs, 90% of flights

Comprehensive Canadian news update as of 2:30 p.m., Monday, March 30.

Most Read