Desjardins sets aside C$70 million to cover data breach costs

Desjardins sets aside C$70 million to cover data breach costs

Canadian financial services co-operative Desjardins has set aside C$70 million in expenses to cover second quarter costs for a data breach that exposed the accounts of 2.9 million customers.

The special charge covers the costs of providing credit monitoring along with a promise to reimbursement customers up to $50,000 for expenses incurred in recoering stolen identities.

Desjardins confirmed in June that a rogue employee stole and disseminated the personal information of more than 2.9 million members. The stolen data includes first and last name, date of birth, social insurance number, address, phone number, email address and details about individual banking habits and Desjardins products.

In July, the firm announced that 530,627 caisse members had signed up for the Equifax credit monitoring plan, representing 19.65% of customers affected by the privacy breach.
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