One of the largest insurance companies in the US could pay a record breaking settlement for a 2015 data breach.
Anthem insurance company has agreed to a settlement of a record breaking $115 million for a data breach which occurred in 2015.
Anthem suffered a data breach which resulted in almost 80 million records being leaked and stolen. The records contained client names, date of births, medical IDs, physical and online email addresses, and social security numbers. Utilizing stolen credentials hackers were able to gain access to the company database that contained information on all current and former customers.
Information of the leak caused an uproar with more than 100 lawsuits being filed against the insurance company. Andrew Friedman, a lawyer for the victims, said in a statement "We are very satisfied that the settlement is a great result for those affected and look forward to working through the settlement approval process."
Judge Lucy Koh of the US District Court is scheduled to hear the case in court on August 17. Anthem is actively maintaining that they haven't commited any wrong doing or that "any individuals were harmed as a result of the cyberattack." The funds of the settlement are said to be used to provide credit monitoring and reimbursement for at least 2 years of all affected by the breach.
An Anthem spokeswoman has confirmed the settlement and informed that "Nevertheless, we are please to be putting the litigation behind us, and to be providing additional substantial benefits to individuals whose data was or may have been involved in the cyberattack and who will now be members of the settlement class."
If approved this will be one of the largest settlements in data breach history.