Former Credit Union Employee Creates Data Breach Affecting 2.9 Million Customers

Exploit: Data Breach, Internal Threat
Company: Desjardins
Industry: Financial Services
Source: https://www.zdnet.com/article/desjardins-canadas-largest-credit-union-announces-security-breach/

A former employee of the financial group, Desjardins, made off with personal data from millions of customers by accessing the company’s network. The breach entailed a significant amount of personally identifiable information that will surely impact both personal and business customers. While the bank continues to notify its customers impacted by the breach, they are also partnering with the local authorities to mitigate the risk involving customers. The costs of downtime, mitigation and updating cyber security protocol will surely skyrocket after this significant incident and yet it is the damage to their reputation that will likely need to be endured the most.

In an effort to appease any wrongdoing or ill will against the company, Desjardins is offering free credit monitoring services for anyone impacted by the breach.

By placing the customer as a primary focus and reacting quickly to the breach, Desjardins will surely be able to elevate their chances of customer retention and hope to minimize damages to their reputation. However, safeguarding data with proper protocols and layered security in attempts to prevent exposure from happening in the first place will always be a more sound approach to providing confidence in your customers and mitigating your risk of losing your data and your reputation.

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