[BreachExchange] Canada’s Desjardins Reports Costs of $53M Related to Data Breach

[Destry Winant]

https://www.insurancejournal.com/news/international/2019/08/13/535593.htm

Canadian lender Desjardins Group said on Monday it spent C$70 million
($53 million) in the second quarter related to a data privacy breach
earlier this year that exposed personal information of 2.9 million
members.

The company offered the affected accounts a credit monitoring plan and
identity theftinsurance for five years, without any additional costs
to those customers, Desjardins said.

Unauthorized use of internal data by an employee led to breach of
personal information including social insurance number, address and
details of banking habits, the company said in June.

Last year, Bank of Montreal and Canadian Imperial Bank of Commerce
said that cyber attackers may have stolen data of nearly 90,000
customers in what appeared to be the first significant assault on
financial institutions in the country.