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According to THE SUN, Americans affected by a recent data breach involving Group 1001 Insurance have a limited time to claim their share of a $4.76 million settlement. The deadline to submit a claim form is October 10, 2024. Those impacted by the breach, which exposed the personal information of approximately 475,000 customers, must act quickly to receive compensation.

Details of the Data Breach

Group 1001 Insurance, an insurance and annuity company with around 1,400 employees and over 950,000 customers, experienced a data breach on or around February 9, 2023. The breach potentially compromised sensitive personal data, leading to the class action lawsuit. While the company has not admitted wrongdoing, they have agreed to pay $4.76 million to resolve the issue.

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How to Submit a Claim

Eligible individuals can submit a claim online or request a claim form by calling (833) 522-7100. Those affected can choose between several options for compensation:

  • Up to $5,000 for out-of-pocket losses and/or lost time, including expenses like bank fees, communication charges, and travel costs, plus compensation for up to four hours of lost time at $20 per hour.
  • A pro-rata cash payment, with a minimum amount of $5, though the exact amount will depend on the total number of valid claims.
  • Identity theft protection services, including $1 million in identity theft insurance.

Options for Settlement Participation

Affected individuals have several choices:

  • Claim Payments: Submit claims with appropriate documentation, such as bills, receipts, and credit reports.
  • Opt-Out: Exclude yourself from the settlement and forfeit any claims for payment.
  • Object: Disagree with the settlement terms by writing to the court or speaking at the final approval hearing scheduled for October 3, 2024.

Impact and Industry Trends

Data breaches have surged recently, particularly with the increased use of cloud storage. The Harvard Business Review notes that over 80% of data breaches in 2023 involved cloud-stored data, often due to misconfigurations and security oversights.

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Additional Settlement Opportunities

Americans may also be eligible for compensation from another recent data breach settlement involving a restaurant services company. Additionally, Buzzfeed has agreed to pay $9 million in a class action lawsuit related to privacy law violations.

To ensure you receive your due compensation, make sure to submit your claim by the October 10, 2024, deadline.

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