The Desjardins Group (TSX:DSG) says the breach of 4.2 million customers data that it experienced last year 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. Desjardins Chief Executive Officer Guy Cormier stressed in a news release that the financial impact is less than 1% of the $18 billion in revenues it earned in 2019.
Cormier added that Desjardins has "ample capacity" to absorb the expense from the data breach. The costs associated with the breach are mainly related to the package of compensation measures offered to Desjardins members, such as free credit monitoring service from Equifax for five years.
Cormier said there should be no further increase in costs related to the data breach, which has wreaked havoc at the co-operative since it was revealed last June.
DSG shares began Thursday down $1.46, or 2.5%, to $56.05.
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