Diego Pérez Morales reports:
The 2021 cyberattack on T-Mobile exposed sensitive information of 76 million customers, including names, addresses, and Social Security numbers. This breach led to a class-action lawsuit, culminating in a $350 million settlement in 2022. This agreement is notable as the second-largest data breach settlement in U.S. history, only surpassed by Equifax’s $700 million settlement in 2019. The settlement underscores the growing importance of data security and the severe consequences of negligence in protecting customer information.
The settlement fund of $350 million is allocated for various purposes, primarily to compensate affected customers. It includes cash payments for out-of-pocket losses and lost time, as well as general cash payments. Additionally, the fund will provide identity defense and restoration services, ensuring that affected individuals have the necessary resources to protect themselves from potential identity theft. This comprehensive approach highlights the multifaceted impact of data breaches and the need for robust remediation measures.
Read more at MSN.