So, another good strategy is to have a clear vision of what data you really need from your customers and how long you want to keep hold of them. Others will argue that a breach is not a matter of “if it happens” but “when it happens.” This, however, doesn't take away from the effort that must be put in to prevent breaches, nor does it lessen the impact it has on affected customers. Nowadays, many ransomware attacks are accompanied with data exfiltration and leaks if the victim refuses to pay the ransom.įor many, a breach is proof that companies are not doing what they’re supposed to with their data, and that is to primarily secure it at all cost. Conducting nearly 900,000 training courses for employees and partners across the company to understand their critical role in keeping safe.ĭata breaches are one of the most reported cyberattacks against businesses-regardless of size and industry.Committing to invest hundreds of millions of dollars to enhance its current cybersecurity tools and capabilities.Engaging in long-term collaborations with industry experts to design strategies and execute plans to further transform the cybersecurity program.Creating a Cybersecurity Transformation Office that reports directly to the CEO, as well as adding more top talent with decades of cyber strategy experience and leadership to the team.In a short statement on the proposed settlement, T-Mobile pledged to improve its security program by: T-Mobile said the settlement contains no admission of liability, wrongdoing or responsibility by any of the defendants. It also said it would spend $150 million next year to fortify its data security and other technologies. In a Securities and Exchange Commission filing, T-Mobile said the funds would pay for claims by class members, the legal fees of the plaintiffs’ counsel, and the costs of administering the settlement. T-Mobile has agreed to pay $350 million to settle multiple class-action suits stemming from the 2021 data breach. Later that number was raised to 80 million. Despite the claims of the hacker, initial estimates said some 55 million individuals were impacted. Roughly 850k active prepaid accounts had account PINs exposed.Īfter the merger with Sprint in 2020, T-Mobile reported having a total of 102.1 million US customers. This included data like names, driver licenses, addresses, and social security numbers. In August 2021, a hacker claimed to have stolen 100 million people’s data from T-Mobile’s servers. Under the proposed settlement, T-Mobile would also commit to an aggregate incremental spend of $150 million for data security and related technology in 20.Īccording to The New York Times, the filing in the US District Court for the Western District of Missouri states that the payment to each customer can't exceed $2,500. T-Mobile has agreed to pay $350 million to settle class action claims related to a 2021 cyberattack which impacted around 80 million US residents.
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