A substantial sum of over $1.4 million is set to be distributed to customers of a major US bank following a breach that compromised their privacy and security.
Webster Bank, along with several affiliated firms, has been accused of failing to adequately safeguard the personally identifiable information of its clients during a data leak that occurred between November 27, 2022, and January 22, 2023.
The leaked sensitive information includes social security numbers, financial account details, and the full names of Webster Bank’s customers.
The bank utilizes the services of Guardian Analytics, a company responsible for monitoring financial transactions. It was ultimately determined that Guardian Analytics was at fault for leaking the data of Webster Bank’s customers to an unidentified hacker.
Though Webster Bank and Guardian Analytics have not admitted any legal wrongdoing in relation to the incident, they have reached a settlement agreement totaling $1.4 million, which will be distributed among the bank’s affected clients.
Customers impacted by this unfortunate event have until April 24th to determine their eligibility for cash payments and to submit a claim through Webster Bank.
The final approval of the settlement will take place in a New Jersey court on April 23rd.
In addition, banking powerhouse Wells Fargo recently disclosed that it experienced a data breach this month, resulting in the exposure of sensitive information belonging to at least two of its customers.
According to a letter issued by the California-based financial institution, personal information and mortgage account numbers were compromised.
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