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

LETTER: Flights from infected countries should be banned

There is no excuse to allow those from infected countries to keep coming to B.C.

Penticton RCMP, Fire Department, BCEHS salute hospital workers

“You’re awesome” and “Thank you” say Penticton first responders, passing by emergency entrance

UPDATE: 6.5-magnitude earthquake in Idaho shakes B.C. Interior

An earthquake was reportedly felt just before 5 p.m. throughout the Okanagan

COVID-19: Non-profit 3D printing face shields for local hospital

‘The response has been completely overwhelming’

LETTER: Thanks to those providing essential services

Regional District of Okanagan Similkameen board chair recognizes efforts and dedication

First Nations, remote communities need special attention in pandemic, Freeland says

Health-care workers, seniors, Indigenous Peoples some of people most at risk, health officials say

High cost, limited coverage for asthma medicine a concern during COVID-19 pandemic

B.C. man says he skips puffs to save money, but others have it worse

Okanagan group fights isolation with online meetings

Monashee Toastmasters are keeping their distance but still getting together

B.C. man sick with COVID-19 calls it a ‘horrible disease’

Tim Green says he has ‘extreme coughing fits every hour’ to clear his lungs

Trudeau says Parliament needs to sit to pass expanded COVID-19 benefits

Wage subsidy program has been greatly expanded since it was first approved

UPDATE: Anti-tax group calls for MPs, senators to donate scheduled pay raises to charity

Bill C-30, adopted 15 years ago, mandates the salary and allowance increases each calendar year

Liberals delay release of 75% wage subsidy details, costs: Morneau

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

World COVID-19 update: NATO suspicious of Russian military drills; Cruise ships ordered to stay at sea

Comprehensive update of coronavirus news from around the world for Wednesday, April 1

Community drums up support for North Okanagan hospital workers

Even health care workers and fellow first responders turned out to show love

Most Read