After a breach of data exposed personal customer information, a US bank plans to give out millions.
Union Bank and Trust Company, based in Nebraska, has settled a lawsuit for $2.4 million. The class-action suit accused the lender of not implementing or maintaining adequate security measures that protect customer information.
The lawsuit claims that the “CL0P Ransomware Gang”, a group of cybercriminals, committed an attack in May 2023, exploiting the MOVEit software developed by Progress Software Inc. to access the personal data of bank customers.
The bank was warned by Progress about a “unauthenticated SQL flaw that would allow unauthorised actors to elevate user privileges, and gain access to UBT’s Moveit Transfer environment.”
UBT immediately took “MOVEit” offline, and then installed patches that fixed the vulnerability. However, an investigation by the bank revealed that the personal data of 204 291 customers had been “potentially taken” prior to the fix.
UBT has denied the accusations and all liability but said it had agreed to settle. Court approval is required for the settlement.
The funds would be used for up to $10,000 in reimbursement for losses documented due to the misuse of data, or $100 cash, and two years credit monitoring, identity theft protection, for those impacted.
In addition to administrative and legal fees, the settlement also covers them.
UBT was founded in 1917 and is headquartered at Lincoln, Nebraska. It manages assets worth about $9 billion.
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As new information becomes available, this post Billion Dollar Bank Pays $2,400,000 to Customers and Attorneys in Settlement of Data Breach that Affected 204,291 Persons may change.
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