Fraud News

Anthem to pay record $115M to settle data breach lawsuit

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…

Click here to read more

Click Here to Read More

Click to comment

Leave a Reply

Your email address will not be published.

Most Popular News

To Top