9.7 million Canadians were impacted by a 2019 data breach at the financial services cooperative Desjardins Group, which along with its subsidiaries provides a wide array of services such as retail banking, insurance, real estate, venture capital, and brokerage. At a price tag of $155 million USD, the out-of-court settlement ranks second only to a 2017 settlement connected with a data breach at Equifax in the U.S.

Financial services firms, such as broker dealers and investment advisors and banks, are feeling pressure from governments, regulators, investors, and private citizens to reasonably manage cybersecurity risk and properly handle personal data. The size of the Desjardins settlement is a clear illustration that the expectation of firms to appropriately address these issues is not going away anytime soon. 

A website has been posted to provide details of the Desjardins settlement.