The numbers are in for the Desjardins Group data breach. And needless to say, they are steep.
Canada's largest credit union had a massive amount of customer data compromised in an insider threat case earlier this year.
SecureWorld covered the story as it unfolded:
A total of 2.9 million customers had data collected and shared outside the company by a now former employee.
Guy Cormier, President and CEO of Desjardins Group, announced the breach.
"I won't say all the words that I have in mind at the moment, because I know I'm in front of television cameras."
Data breach expenses in the financial report
Desjardins Group just released its second quarter financial report for 2019. The company addressed the breach as a "Significant Event in 2019."
This is where it mentions the not-so-insignificant costs of the incident:
"The expenses related to costs incurred and the establishment of a provision with respect to the implementation of these protections for our members, totaling $70 million, have been recognized in profit or loss in the second quarter of 2019."
$70 million is high, but it's even higher when you consider the averages from the Cost of a Data Breach Report that the Ponemon Institute just released for 2019.
SecureWorld mentioned some of the highlights:
- Average global cost of a data breach: $3.92 million
- Most expensive country for a data breach: United States
- Average cost of a U.S. data breach: $8.19 million
Desjardins Group definitely experienced losses well outside of the average.
Check out the full details from the financial report here.