T-Mobile will pay $350 million to settle lawsuits over massive data breach

If you were a T-Mobile customer in August 2021, you might get a few bucks from the carrier in the near future. It has agreed to settle a consolidated class-action lawsuit against the company over a data breach that exposed the personal information of 76.6 million “current, former and potential customers”. At the time, when T-Mobile CEO Mike Sievert admitted to the breach and apologized for it, the carrier said the person who hacked its network used “specialized” tools and knowledge of its infrastructure to gain access to its test bed to obtain. This person then stole customer data from the network and sold it on hacker forums.

The type of information the bad actor sells varies from person to person, but it could include each person’s name, date of birth, and social security number. T-Mobile contacted those affected shortly after the data leak became known and offered them two years of free access to McAfee’s ID Theft Protection service. Now they’re getting monetary compensation, too, although it’s likely to be a few dollars at most. While the $350 million settlement may sound substantial, a large portion of that amount will go toward paying off attorney fees. The rest will be divided among tens of millions of affected customers. According to the SEC filing discovered by GeekWirethe company will also spend $150 million on data security technologies this year and next.

The settlement has yet to be approved by the court. However, if it does, “substantially all claims of the Company’s current, former and potential customers who were affected by the 2021 cyberattack will be resolved.” You can read the full settlement proposal here.

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https://www.engadget.com/t-mobile-350-million-settle-lawsuits-massive-data-breach-132048591.html?src=rss T-Mobile will pay $350 million to settle lawsuits over massive data breach

Russell Falcon

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