Americans can claim payment worth $4,400 from $1.5m data breach settlement – the more proof, the more money you get

AMERICANS have the opportunity to claim thousands of dollars after a data breach.

CGM, a services solutions company, agreed to pay $1.5 million to resolve consumer concerns about the data breach in a class action settlement.

The settlement benefits consumers who received a data breach notification from CGM.

Those eligible would have been notified that their information may have been compromised in a December 2022 data breach.

Class members claimed that CGM failed to "implement reasonable cybersecurity measures" that could have protected consumers from the data breach, according to the settlement.

During the breach, hackers allegedly gained access to sensitive consumer data.

The company serves wireless and broadband companies.

CGM hasn’t admitted any wrongdoing but agreed to pay $1.5 million to resolve the data breach class action lawsuit.

Under the settlement terms, class members can receive three years of credit monitoring and identity theft protection.

These services include three-bureau monitoring and $1 million in identity theft insurance.

Class members can also receive cash payments from the settlement.

Individuals who took on related expenses can receive up to $400 for ordinary losses as long as they present documented proof.

The settlement proposal states that class members can receive $20 per hour for up to four hours of lost time and $4,000 for extraordinary losses.

Class members who can't provide documented losses can receive an alternate cash payment estimated to be around $20.

However, actual payments may vary depending on the number of valid claims filed.

The deadline for exclusion and objection is June 27, 2024.

How much can you get from the settlement?

Under the settlement, CGM will pay $1,500,000 for fees and expenses that will be used to provide the following benefits:

• The option to enroll in three years of 3-credit-bureau credit monitoring and Identity Theft Protection Services (including $1,000,000 in identity theft insurance).
• Valid claims submitted for Ordinary Losses (up to $400.00), Lost Time (at $20/hour up to 4 hours), and Extraordinary Losses (up to $4,000) that you experienced related to the data incident.
• Alternatively, you can elect to receive an Alternative Cash Payment in an amount estimated to be $20 (subject to increase or decrease based on the total Net Settlement Funds remaining after payment of all other claim types).

To receive settlement benefits, class members must submit a valid claim form by August 26, 2024.

According to the Harvard Business Review, data breaches spiked last year as many companies started using cloud configuration.

More than 60% of the world’s corporate data is estimated to be stored in the cloud.

In 2023, over 80% of data breaches involved data stored in the cloud.

Companies unintentionally misuse the cloud, allowing "excessively permissive cloud access, having unrestricted ports, and use unsecured backups."

Meanwhile, Americans may be eligible for a payment from a huge $94,500,000 settlement.

And some impacted individuals can get money from a $2.25 million settlement surrounding health data.