BIG AMOUNT: Americans to get up to $5k from $4.76m data breach settlement

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According to THE SUN, Americans affected by a data breach involving Group 1001 Insurance have only a couple of weeks left to file a claim. The deadline to submit a claim form is October 10, 2024. Group 1001 Insurance, an insurance and annuity provider with nearly 1,400 employees and over 950,000 customers, has settled a $4.76 million lawsuit after a data breach potentially exposed the personal information of approximately 475,000 customers.

Details of the Data Breach

The data breach occurred on or around February 9, 2023, leading to concerns that Group 1001 Insurance could have prevented the incident with better cybersecurity measures. Although the company has not admitted any wrongdoing, they have agreed to pay $4.76 million to resolve the class action lawsuit.

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How to Claim Your Payment

Affected individuals need to submit their claim form by the deadline. Claims can be filed online or by requesting a form through the hotline at (833) 522-7100. The settlement offers several options for compensation:

  • Out-of-Pocket Losses and Lost Time: Up to $5,000 for expenses such as bank fees, communication charges, travel costs, and up to four hours of lost time at $20 per hour.
  • Pro-Rata Cash Payment: A minimum payment of $5, with the exact amount depending on the number of valid claims.
  • Identity Theft Protection: Access to $1 million in identity theft insurance.

Claimants must provide documentation of their data breach-related losses, including bills, receipts, and credit reports.

Settlement Options

Affected individuals have a few choices:

  • Opt-Out: Exclude yourself from the settlement and forfeit any claims for payment.
  • Object: Express disagreement with the settlement terms by writing to the court or attending the final approval hearing, scheduled for October 3, 2024.

Impact and Industry Trends

Data breaches have become more common, particularly with the rise of cloud storage. The Harvard Business Review reports that over 80% of data breaches in 2023 involved cloud-stored data, often due to misconfigurations and security issues.

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Additional Settlement Opportunities

Americans may also be eligible for compensation from other recent data breach settlements, including one involving a restaurant services company. Additionally, Buzzfeed has agreed to pay $9 million following a class action lawsuit over privacy law violations.

Ensure you file your claim by the October 10, 2024, deadline to receive your compensation from the Group 1001 Insurance settlement.

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