Insurance giant Anthem has agreed to settle a class action lawsuit over a 2015 cyberattack for $115 million, the plaintiffs’ attorneys announced in June.
The cyberattack led to the theft of the personal information of 78.8 million people. If approved by the court, the settlement will be the largest data breach settlement of its kind in history, according to plaintiffs’ attorneys from Altshuler Berzon, Cohen Milstein, Girard Gibbs, and Lieff Cabraser.
According to the proposed settlement, the $115 million fund will be used to provide data breach victims at least two years of credit monitoring, cover out-of-pocket expenses incurred because of the data breach, and to compensate customers already enrolled in credit monitoring.
Anthem must guarantee a certain amount of funding for information security and to implement or maintain changes to its data security systems, including encryption and archiving of sensitive data with strict access controls.
More than 100 lawsuits were filed against Anthem nationwide after the breach, and the cases were consolidated in the United States District Court for the Northern District of California.