In a startling revelation, Wealthsimple has announced that a data security incident on August 30 has compromised sensitive information, including Social Insurance Numbers, for a small fraction of its Canadian clients.

The personal finance and investing platform, which boasts around 3 million users, confirmed the breach in a statement released on September 5. Thankfully, they assured that all accounts remain secure and no funds were stolen.

"We detected the incident on August 30 and quickly acted to contain it," Wealthsimple reported. Their security team, bolstered by external experts, launched an immediate investigation, which unveiled that a trusted third-party software package had been compromised, affecting less than one percent of their clientele.

Affected users have been contacted via email, and Wealthsimple emphasized that if clients did not receive any notification by 10:30 a.m. Eastern, their data remains safe.

"We value the trust our clients place in us and are committed to transparency. We promptly informed our clients and are doing everything possible to support those impacted," the statement added.

Despite the seriousness of the incident, Wealthsimple reassured that no passwords or funds were compromised. Nonetheless, personal data such as contact information, government IDs, financial details, and other identifiers were exposed.

To further assist those affected, the company will provide credit monitoring and protection services, ensuring users are informed about the incident and its implications. They have also reported the breach to privacy and financial regulators.

This incident serves as a reminder of the importance of safeguarding personal data, especially in an increasingly digital world.