Desjardins breach cost $53 million in Q2
Tuesday, August 13, 2019
For business customers, names, addresses, telephone numbers, and the names of owners and AccèsD Affaires account users were leaked. Some information about owners or AccèsD Affaires users may have also been affected. The employee in question was fired and arrested by the Laval police.
“Unfortunately, it seems that the amount is merely a harbinger of much higher financial losses and spiraling spending that will likely last for years,” Ilia Kolochenko, founder and CEO of ImmuniWeb. “Most businesses foreseeably downplay data breach losses, omitting vital components of the inflicted damages in their calculations.”
The costs will continue to add up for years as the company faces lawsuits. “Penalties and regulatory fines imposed by the governments, often in different countries thereby aggravating the costs, likewise are not of an immediate nature,” said Kolochenko.
Noting that the ongoing reputational damage and loss of business is “frequently incremental but somewhat imperceptible,” he explained that “most customers and partners won’t resign their contracts with a hacked company immediately after the incident for a diversity of practical reasons, though they will undoubtably have less intention of renewing their contracts afterwards.” Read Full Article
ComputerWeekly: Breach cost $53m in Q2, says Desjardins
Silicon UK: Data Breach Costs Desjardins Hefty $53m