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

Stettler couple brightens up the community with online Sunday afternoon sing-alongs

Doug and Shirley McKay play a variety of favourite tunes at 2 p.m. via Facebook

Kenney discusses COVID-19 affects on agriculture, infrastructure over teleconference

Alberta government announced additional infrastructure funding to spur job growth

Stettler Auction Mart continues operations with heightened safety precautions

“We’ve had those online capabilities for awhile — all of our sales are online every week”

PHOTOS: Stettler Emergency Services personnel held an ‘appreciation parade’ on April 7th

The goal was to show their appreciation for all the amazing front line and essential workers in town

A Message From the Publisher – ‘We will do our best, but without local advertising revenue, The Stettler Independent cannot survive’

‘We will do our best, but without local advertising revenue, The Stettler Independent cannot survive’

Lacombe realtors continue to serve community through pandemic

Real estate considered an essential service through COVID-19

Millet Fire Department turned on their lights and sirens to energize the community during COVID-19

Town of Millet residents braved the cold to show community support through social distancing.

Alberta Premier expects oil and gas employment numbers to become ‘much, much worse’

Jason Kenney says he expects Alberta downtown to ‘be deeper and longer than the rest of the world’

A message from Central Alberta Co-op

Please remember to practice social distancing at all our locations.

Stettler couple brightens up the community with online Sunday afternoon sing-alongs

Doug and Shirley McKay play a variety of favourite tunes at 2 p.m. via Facebook

WATCH: Update from Prime Minister Trudeau

April 8 briefing from Ottawa

Most Read