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T- Mobile reported to the SEC that it has reached a settlement relating to a class Action Suite, following its 2021 cyber attack and data breach.
Agreeing to pay $350Million to fund claims submitted by class members, the legal fees of plaintiffs counsel and the costs of administering the settlement. T Mobile also committed a further $150Million to be spent on data security and related technology in 2022 and 2023.
Spending 50% of the aggregated costs on cyber security to demonstrate cybersecurity risk management, may have supported the legal argument in the event of the breach. One suspect that if the regulatory regimes now being proposed by U.S regulators had been in place in 2021 the financial penalties and legal risk to the board could be higher.
Ted Dziekanowski
#cybersecurityriskmanagement #cyberlegal #cybersecurity #governance #regulation #securitiesandexchangecommission
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