T-Mobile Inc., a US telecommunications corporation, plans to pay out $350 million to its customers, likely to its checkbook, attorneys, and administrative staff in 2021 to cover costs following a mega breach that year.
The company said in a Securities and Exchange Commission filing that it will fork out roughly $150 million on cybersecurity and related technology over the next two years.
T-Mobile, however, maintained the settlement agreement and does not admit to any culpability, wrongdoing, or liability on the part of any of the parties involved. T-Mobile to fork out $350m penalty over infamous data breach.
What Happened At T-Mobile To Fork Out $350m Penalty Over Infamous Data Breach?
T-Mobile stated in recent news reports that 76.6 million people had been impacted by the T-Mobile to fork out $350m penalty over infamous data breach. Affected individuals were unsuccessful to limit the impact in almost every case because hackers were able to obtain victims’ full names, Social Security numbers, and driver’s license information. The users can get access to the best VPN for iPhone at an affordable rate with the best security features.
Officials reported that a cyberattack was the source of the breach, and the information later appeared on the dark net for sale. Motherboard reported, based on research and information published by Motherboard, that T-Mobile customer information had been made accessible via extortion via techniques including intrusion into company servers to gain access.
The settlement’s court approval process is expected to begin within the next nine months.
The record amount of T-Mobile’s settlement – $58.4 billion in full-year 2021 revenue – is almost unprecedented, but it’s still in the middle of the list of the highest data breach payouts. Equifax Inc. settled with consumers and regulators for $575 million following a publicized 2017 incident, while Home Depot Inc. paid $200 million after an exemplary 2014 breach.
Recently analyzed data by Splunk revealed that nearly half (49% ) of businesses experienced a T-Mobile to fork out $350m penalty over infamous data breach in the last two years.
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