Author: Shannon Muchmore / Source: CIO Dive
Dive Brief:
- Anthem will pay a record $115 million to settle a class-action lawsuit stemming from a 2015 data breach in which the personal information of nearly 80 million members and employees was stolen.
- The company agreed to set aside funding for cybersecurity improvements as well as cover two years of credit protection and $15 million worth of out-of-pocket costs for those affected.
- In a statement, the payer did not admit to any wrongdoing or any harm to people as a result of the cyberattack, but said it is “determined to do its part to prevent future attacks.”
Dive Insight:
If approved, the payout will be the largest amount ever for a data breach settlement and exceeds the $100 million insurance policy Anthem had against cyberattacks at the time of the breach. It’s a chance to move on for the payer, as it received heavy criticism for how it handled the breach as well as how prepared — or not prepared — it…
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